Background

The U.S. trade deficit in goods and services rose 9.4 percent in July to $50.1 billion, according to trade statistics released by the Department of Commerce. Exports were down 1.0 percent to $211.1 billion while imports rose 0.8 percent to a record-high $261.2 billion.

For the year to date, the total trade deficit is up 7.0 percent from 2017. Exports have risen 8.6 percent over the same period as a year earlier while imports have increased 8.3 percent.  

The deficit in goods trade rose 6.1 percent to $73.1 billion in July. Imports of goods were up 0.9 percent to $213.9 billion, including increases of $500 million in computers, $500 million in automotive vehicles, parts, and engines, and $300 million each in fuel oil and crude oil along with a $1.3 billion decrease in pharmaceutical preparations. Exports of goods fell 1.6 percent to $140.8 billion, including decreases of $1.6 billion in civilian aircraft and $700 million in soybeans.

The services surplus slipped 0.4 percent to $23.1 billion as imports gained 0.6 percent to $47.2 billion and exports gained 0.3 percent to $70.3 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$34.1 billion

+4.9

   

European Union

$14.5 billion

+13.3

   

Mexico

$6.4 billion

-4.5

   

Germany

$6.2 billion

+8.8

   

Japan

$4.9 billion

-12.5

   

Canada

$3.2 billion

+23.1

   

Italy

$2.7 billion

+22.7

   

India

$1.6 billion

-5.9

   

France

$1.4 billion

+100

   

South Korea

$1.3 billion

0

   

Taiwan

$1.0 billion

-28.6

   

Saudi Arabia

$1.0 billion

Change from $0.8 billion surplus

   

South/Central America

   

$3.4 billion

+3.1

Hong Kong

   

$2.5 billion

0

Brazil

   

$0.6 billion

-25.0

United Kingdom

   

$0.4 billion

0

Singapore

   

$0.2 billion

+100

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