The monthly U.S. trade deficit in goods and services jumped 24.4 percent from June to July as imports increased while exports declined. Individual deficits with Mexico, Vietnam, Taiwan, Thailand, South Korea, and Malaysia all hit record highs, and imports from each of those countries except Malaysia were also the highest on record.
Imports of $399.3 billion in July were up 2.8 percent from June. Imports of goods rose 3.7 percent to $320.6 billion, with increases of $6.9 billion for computers, $6.6 billion for computer accessories, and $1.2 billion for semiconductors. Services imports slipped 0.8 percent to $78.7 billion.
Exports were down 2.1 percent to $310.7 billion in July. Exports of goods tumbled 3.0 percent to $201.0 billion, with decreases of $4.5 billion for crude oil and $3.9 billion for non-monetary gold along with increases of $1.9 billion for capital goods and $1.0 billion for pharmaceutical preparations. Services exports lost 0.4 percent to $109.7 billion.
The monthly U.S. trade deficit increased from $71.2 billion in June to $88.6 billion in July. The deficit in goods trade was up 17.3 percent to $119.6 billion while the services trade surplus edged up 0.6 percent to $31.0 billion.
Year-to-date, the trade deficit in July was down 29.6 percent from a year earlier as imports fell rose 1.9 percent and exports increased by 12.0 percent.
For the month of July, trade deficits and surpluses with major trading partners were as follows.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
Mexico
|
$27.5 billion
|
+35.5
|
|
|
|
Vietnam
|
$23.3 billion
|
+7.9
|
|
|
|
Taiwan
|
$18.1 billion
|
+21.5
|
|
|
|
China
|
$15.2 billion
|
-0.7
|
|
|
|
South Korea
|
$10.4 billion
|
+40.5
|
|
|
|
European Union
|
$8.9 billion
|
-18.3
|
|
|
|
Germany
|
$5.6 billion
|
-21.1
|
|
|
|
India
|
$5.0 billion
|
+11.1
|
|
|
|
Malaysia
|
$4.8 billion
|
+9.1
|
|
|
|
Japan
|
$4.2 billion
|
+27.3
|
|
|
|
Ireland
|
$3.9 billion
|
+44.4
|
|
|
|
Canada
|
$3.2 billion
|
-55.5
|
|
|
|
Italy
|
$2.5 billion
|
0
|
|
|
|
France
|
$1.3 billion
|
-13.3
|
|
|
|
Switzerland
|
$0.6 billion
|
Shift from $2.9 billion deficit
|
|
|
|
Israel
|
$0.5 billion
|
-58.3
|
|
|
|
Netherlands
|
|
|
$7.8 billion
|
+8.3
|
|
South/Central America
|
|
|
$6.6 billion
|
+17.9
|
|
Hong Kong
|
|
|
$3.1 billion
|
-3.1
|
|
United Kingdom
|
|
|
$2.5 billion
|
+13.6
|
|
Brazil
|
|
|
$2.4 billion
|
+41.2
|
|
Singapore
|
|
|
$1.9 billion
|
+5.6
|
|
Saudi Arabia
|
|
|
$1.3 billion
|
-27.8
|
|
Australia
|
|
|
$1.2 billion
|
-7.7
|
|
Belgium
|
|
|
$0.9 billion
|
0
|
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