The monthly U.S. trade deficit in goods and services jumped 7.9 percent in July to the highest level in more than two years as imports surged ahead of potential tariff increases, port worker strikes, and other supply chain concerns.
According to the Census Bureau, imports and exports of capital goods reached their second straight monthly record in July. Other all-time highs included imports and exports of services, imports and exports of capital goods, and deficits with Taiwan, Germany, and Singapore.
Imports were up 2.1 percent, to $345.4 billion, from June to July. Imports of goods rose 2.4 percent to $278.2 billion, with increases of $2.4 billion for computer accessories, $1.1 billion for non-monetary gold, and $900 million for finished metal shapes. Services imports were up 1.2 percent to $67.2 billion.
Exports edged up 0.5 percent in July to an all-time high of $266.6 billion. Exports of goods were up only 0.4 percent to $175.1 billion, with an increase of $1.7 billion for semiconductors along with decreases of $1.3 billion for passenger cars and $700 million for gem diamonds. Services exports gained 0.7 percent to $91.5 billion.
The monthly U.S. trade deficit grew from $73.0 billion in June to $78.8 billion in July. The deficit in goods trade was up 5.7 percent to $103.1 billion while the services trade surplus lost 0.8 percent to $24.3 billion.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$27.2 billion
|
+22.0
|
|
|
|
European Union
|
$18.4 billion
|
+2.2
|
|
|
|
Mexico
|
$13.6 billion
|
-0.7
|
|
|
|
Vietnam
|
$9.5 billion
|
-12.8
|
|
|
|
Taiwan
|
$8.3 billion
|
+29.7
|
|
|
|
Germany
|
$7.7 billion
|
+4.1
|
|
|
|
Canada
|
$7.6 billion
|
+65.2
|
|
|
|
Ireland
|
$6.6 billion
|
+13.8
|
|
|
|
South Korea
|
$5.7 billion
|
0
|
|
|
|
Japan
|
$5.4 billion
|
+10.2
|
|
|
|
Italy
|
$3.6 billion
|
+16.1
|
|
|
|
India
|
$3.3 billion
|
-10.8
|
|
|
|
Switzerland
|
$3.2 billion
|
+10.3
|
|
|
|
Malaysia
|
$1.5 billion
|
-16.7
|
|
|
|
France
|
$1.2 billion
|
-7.7
|
|
|
|
Singapore
|
$1.2 billion
|
+300
|
|
|
|
Israel
|
$0.4 billion
|
-55.6
|
|
|
|
Saudi Arabia
|
<$0.1 billion
|
Shift from $0.1 billion surplus
|
|
|
|
Netherlands
|
|
|
$4.7 billion
|
-2.1
|
|
South/Central America
|
|
|
$4.2 billion
|
+16.7
|
|
Hong Kong
|
|
|
$1.8 billion
|
-11.1
|
|
Australia
|
|
|
$1.5 billion
|
-21.1
|
|
Belgium
|
|
|
$1.0 billion
|
_+42.9
|
|
United Kingdom
|
|
|
$0.8 billion
|
-11.1
|
|
Brazil
|
|
|
$0.8 billion
|
0
|
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