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Trade Deficit Down Again as Exports, Imports Both Fall

Friday, September 06, 2019
Sandler, Travis & Rosenberg Trade Report

The U.S. trade deficit in goods and services fell 2.7 percent in July, according to trade statistics released Sept. 4 by the Department of Commerce, the second straight monthly decline. The monthly deficit of $54.0 billion reflected a 0.6 percent increase in exports to $207.4 billion and a 0.2 percent decrease in imports to $261.4 billion. However, the deficit is up 8.2 percent for the year to date compared to the same period in 2018, with imports up 1.4 percent and exports down 0.2 percent, as the Trump administration’s trade restrictions continue to impact global trade patterns.

The deficit in goods trade fell 2.1 percent to $73.7 billion in July. Imports of goods were down 0.2 percent to $211.8 billion, including a decrease of $1.4 billion in computers along with a $1.0 billion increase in other petroleum products. Exports of goods rose 0.9 percent to $138.2 billion, including increases of $1.2 billion in pharmaceutical preparations and $600 million in automotive vehicles, parts, and engines as well as decreases of $500 million in crude oil and $200 million each in metallurgical grade coal, fuel oil, and other petroleum products.

The services surplus slipped 0.5 percent to $19.7 billion. Imports were up 0.2 percent to $49.6 billion while exports were down 0.1 percent to $69.2 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$29.6 billion

-2.0

   

European Union

$15.9 billion

0

   

Mexico

$8.9 billion

-3.3

   

Germany

$6.2 billion

+19.2

Japan

$5.9 billion

-4.8

   

Canada

$3.1 billion

-6.1

   

Italy

$3.1 billion

+19.2

   

India

$2.1 billion

+31.3

Taiwan

$2.0 billion

+17.6

   

France

$1.9 billion

0

   

South Korea

$1.5 billion

+7.1

   

Saudi Arabia

<$0.1 billion

-66.6

   

South/Central America

   

$3.7 billion

-22.9

Hong Kong

   

$2.4 billion

+4.3

Brazil

   

$0.7 billion

-46.2

United Kingdom

   

$0.3 billion

+200

Singapore

   

$0.1 billion

Shift from $0.1 billion deficit

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