Background

The U.S. trade deficit in goods and services saw a 4.4 percent decrease in July to $70.1 billion. According to statistics from the Department of Commerce, imports edged up just 0.1 percent to $282.9 billion, likely due to global supply chain disruptions, while exports rose 1.3 percent to $212.8 billion amid recovery trends in foreign markets.

The year-to-date deficit was up 37.1 percent from July 2020 (when trade volumes were lower in the early stages of the COVID-19 pandemic) as exports increased 16.8 percent and imports jumped 21.3 percent.

The deficit in goods trade fell 5.9 percent in July to $87.7 billion. Imports of goods declined 1.2 percent to $236.3 billion, including decreases of $1.1 billion for toys, games, and sporting goods, $800 million for nonmonetary gold, and $700 million for lumber along with a $1.0 billion increase for passenger cars. Exports of goods gained 1.9 percent to a record $148.6 billion, including increases of $800 million for other industrial machinery, $600 million for gem diamonds, and $400 million for trucks, buses, and special-purpose vehicles.

The services surplus tumbled 11.9 percent to $17.7 billion, with imports up 5.4 percent to $46.6 billion and exports up 0.2 percent to $64.2 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$25.0 billion

-7.4

 

 

European Union

$18.1 billion

-7.7

 

 

Mexico

$8.5 billion

+18.1

 

 

Japan

$6.0 billion

+22.4

 

 

Germany

$5.6 billion

-11.1

 

 

Canada

$3.6 billion

-34.5

 

 

Italy

$3.5 billion

-5.4

 

 

Taiwan

$3.4 billion

+3.0

 

 

India

$2.8 billion

-20.0

 

 

South Korea

$2.1 billion

-25.0

 

 

France

$2.1 billion

+10.5

 

 

Saudi Arabia

$0.3 billion

0

 

 

South/Central America

 

 

$5.2 billion

+15.6

Hong Kong

 

 

$2.3 billion

+35.3

Brazil

 

 

$1.4 billion

-0.7

Singapore

 

 

$1.3 billion

+116.7

United Kingdom

 

 

$0.3 billion

Shift from <$0.1 billion deficit

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