US Goods and Services Trade Deficit Surges 24.4 Percent to 88.6 Billion USD in July

According to statistics released by the US Bureau of Economic Analysis (BEA) and the US Census Bureau, the US goods and services trade deficit increased by 24.4 percent in July to 88.6 billion USD, up 17.4 billion from a revised 71.2 billion USD in June.

During July, US imports increased while exports decreased, contributing to the month’s gain. Imports rose by 2.8 percent to 399.3 billion, while exports fell by 2.1 percent to 310.7 billion USD. The statistics revealed that a bigger goods deficit was the primary cause of the overall deficit’s increase. The goods deficit increased by 17.6 billion to 119.6 billion in July, while the service surplus rose by 0.2 billion USD to 31.0 billion USD.

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With Germany, India, Malaysia, Japan and Canada, the US recorded goods deficits of 5.6 billion USD, 5 billion USD, 4.8 billion USD, 4.2 billion USD and 3.2 billion USD, respectively. The services sector only offered a modest offset to the growing deficit in goods. While imports of services decreased by 0.6 billion USD to 78.7 billion USD, exports of services fell by 0.4 billion USD to 109.7 billion USD.

On a year-to-date basis, the United States goods and services trade imbalance was still lower despite a significant monthly gain. From the same time last year, the deficit decreased by 188.4 billion USD  or 29.6 percent.