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U.S. Trade Deficit Up Slightly; Shortfalls with France, Taiwan See Biggest Gains

Friday, September 08, 2017
Sandler, Travis & Rosenberg Trade Report

The U.S. monthly trade deficit in goods and services was virtually unchanged in July, rising just 0.5 percent to $43.7 billion. Exports were down 0.3 percent to $194.4 billion and imports slipped 0.2 percent to $238.1 billion. However, for the year to date the U.S. trade deficit is up 9.6 percent over the same period in 2016 as imports (6.7 percent) have risen faster than exports (6.0 percent).

According to Commerce Department statistics, the politically sensitive deficit in goods trade totaled $65.3 billion in July, a decrease of less than $0.1 billion from June. Imports of goods were down 0.3 percent to $193.9 billion, including decreases of $1.0 billion in crude oil and $800 million in passenger cars as well as increases of $600 million each for computers and computer accessories. Exports of goods were down 0.3 percent to $128.6 billion, including decreases of $1 billion in passenger cars and $500 million in cell phones and other household goods along with a $1.1 billion increase in civilian aircraft.

The services surplus was down 0.9 percent to $21.6 billion. Imports were down less than $100 million to $44.1 billion and exports were down 0.2 percent to $65.8 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$31.8 billion

+1.6

   

European Union

$12.1 billion

-3.2

   

Japan

$5.5 billion

Unchanged

   

Mexico

$5.4 billion

-1.8

   

Germany

$5.3 billion

-5.4

Italy

$2.4 billion

-11.1

India

$1.9 billion

Unchanged

Taiwan

$1.9 billion

+11.8

South Korea

$1.8 billion

Unchanged

   

France

$1.3 billion

+18.2

Canada

$0.9 billion

-10.0

   

United Kingdom

$0.2 billion

Change from $0.2 billion surplus

South/Central America

$3.5 billion

+34.6

Hong Kong

$2.8 billion

-3.4

Saudi Arabia

   

$0.8 billion

Change from small deficit

Brazil

$0.8 billion

+60.0

Singapore

   

$0.7 billion

-22.2

United Kingdom

   

$0.2 billion

-71.4

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