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Trade Deficit Falls as Exports Surge, Imports Slip

Wednesday, September 07, 2016
Sandler, Travis & Rosenberg Trade Report

Trade statistics released Sept. 2 by the Department of Commerce show that the U.S. monthly trade deficit in goods and services reversed a three-month trend in July, falling 12.3 percent to $39.5 billion. Exports were up 1.9 percent to $186.3 billion while imports slipped 0.8 percent to $225.8 billion. For the year to date the deficit is down 0.2 percent from 2015 due to a 4.8 percent fall in exports and a 4.0 percent drop in imports.

The goods deficit declined 8.1 percent in July to $60.3 billion. Imports of goods were down 1.0 percent to $184.4 billion, including decreases of $1.0 billion in drugs, $900 million in civilian aircraft and $600 million in cell phones and other household goods. Exports of goods were up 2.8 percent to $124.1 billion, including an increase of $3.6 billion in soybeans.

The services surplus slipped 0.5 percent to $20.9 billion. Imports were up 0.2 percent to $41.4 billion while exports lost about 0.2 percent to $62.3 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$29.4 billion

+5.0

   

European Union

$11.8 billion

-7.1

   

Japan

$6.0 billion

Unchanged

Germany

$5.3 billion

-5.4

Mexico

$5.2 billion

+10.6

 

South Korea

$2.3 billion

-8.0

   

India

$2.2 billion

+10.0

   

Italy

$1.8 billion

-21.7

   

Taiwan

$1.2 billion

+9.1

France

$1.0 billion

-60.0

Canada

$0.4 billion

-33.3

   

Saudi Arabia

$0.2 billion

-60.0

   

South/Central America

   

$2.6 billion

+13.0

Hong Kong

   

$2.0 billion

-23.1

Singapore

   

$0.9 billion

+125

Brazil

   

$0.6 billion

+50

United Kingdom

   

$0.5 billion

shift from $0.2 billion deficit

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