Market Updates
U.S. Good and Service Trade Deficit Widened In July
Brian Turner
06 Sep, 2023
New York City
The US goods and services trade deficit widened to $65 billion in July from a downwardly revised $63.7 billion in June, the Bureau of Economic Analysis reported Wednesday.
The July increase in the goods and services deficit reflected a rise in the goods deficit of $2 billion to $90 billion and an increase in the services surplus of $0.7 billion to $25 billion.
Exports rose 1.6% to a four-month high of $251.7 billion, led by sales of vehicles, pharmaceutical preparations and a surge in tourist arrivals.
Moreover, imports advanced 1.7% to $316.7 billion, driven by higher imports of household goods, semiconductors and computing and communication devices.
On an annual basis, the overall trade deficit declined 21.4% to $128.3 billion, from the same period a year ago. Exports increased $27.3 billion or 1.6% and imports decreased $101 billion or 4.3%.
The politically sensitive deficit with China in July rose to $1.2 billion to $24 billion and the surplus with Hong Kong declined $1 billion to $1.5 billion.
The deficit with Mexico increased $3.1 billion to $42.1 billion in the second quarter after exports declined $5.7 billion to $87.4 billion and imports decreased $2.6 billion to $129.5 billion.
The deficit with the European Union decreased $6.2 billion to $30.1 billion in the second quarter after exports fell $3.2 billion to $153.9 billion and imports decreased $9.4 billion to $184.1 billion
The deficit with mainland China was $65 billion in the second quarter.
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