Background

The monthly U.S. trade deficit in goods and services rose by 2.0 percent in July, reversing two months of declines, as imports and exports both increased. However, for the year to date the total U.S. trade deficit is down 21.4 percent for the same period in 2022, with exports up 1.6 percent and imports down 4.3 percent.

Imports gained 1.7 percent, to $316.7 billion, from June to July. Imports of goods were up 2.1 percent to $258.3 billion, with increases of $1.4 billion for cell phones and other household goods, $1.0 billion for drugs, and $800 million for semiconductors along with decreases of $400 million for finished metal shapes and $300 million for iron and steel mill products. Services imports were down less than $0.1 billion to $58.4 billion.

Exports rose 1.6 percent in July to $251.7 billion. Exports of goods were up 1.9 percent to $168.4 billion, with increases of $1.2 billion for drugs, $900 million for passenger cars, and $700 million for non-monetary gold along with a decrease of $900 million for gem diamonds. Services exports edged up 0.8 percent to $83.3 billion.

With exports and imports both up, the monthly U.S. trade deficit increased from $63.7 billion in June to $65.0 billion in July. The deficit in goods trade was up 2.3 percent to $90.0 billion while the services trade surplus gained 2.9 percent to $25.0 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$24.0 billion

+5.3

 

 

European Union

$17.3 billion

-4.9

 

 

Mexico

$12.8 billion

-0.8

 

 

Vietnam

$9.3 billion

+8.1

 

 

Germany

$7.2 billion

+7.5

 

 

Ireland

$6.5 billion

-3.0

 

 

Japan

$5.9 billion

-3.3

 

 

South Korea

$5.3 billion

-1.9

 

 

Italy

$4.1 billion

+2.5

 

 

Canada

$4.0 billion

+21.2

 

 

Taiwan

$3.9 billion

+18.2

 

 

India

$3.0 billion

-21.1

 

 

Malaysia

$2.4 billion

+4.3

 

 

Switzerland

$1.9 billion

+21.1

 

 

Israel

$0.8 billion

+50.0

 

 

France

$0.4 billion

-69.2

 

 

Saudi Arabia

$0.2 billion

Shift from $0.1 billion surplus

 

 

Netherlands

 

 

$4.5 billion

-2.2

South/Central America

 

 

$4.1 billion

-4.7

Hong Kong

 

 

$1.5 billion

-42.3

Belgium

 

 

$1.5 billion

-6.3

Australia

 

 

$1.5 billion

+7.1

United Kingdom

 

 

$0.5 billion

Shift from $0.8 billion deficit

Brazil

 

 

$0.3 billion

-40.0

Singapore

 

 

$0.2 billion

0

 

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