U.S. deficit in goods topped $45 billion in July
The U.S. international deficit in goods increased $45.3 billion in July, up from $45.1 billion in June, as imports increased more than exports.
Total U.S. imports of goods increased to $105.8 billion in July, from $104.3 billion in June, while exports of goods rose less, to $60.5 billion in July, from $59.3 billion in the previous month.
“The goods deficit with China increased from $10.0 billion in June to $11.3 billion in July,” the U.S. Census Bureau said.
Exports from the U.S. to China were virtually unchanged at $2.1 billion, while imports increased $1.3 billion (primarily toys, games, and sporting goods; other household goods; and textile apparel of non-wool or cotton) to $13.4 billion.
The goods deficit with the European Union increased from $7.8 billion in June to $10.5 billion in July. Exports decreased $1.2 billion (primarily organic chemicals, pharmaceutical preparations, non-monetary gold, and civilian aircraft engines) to $11.4 billion, while imports increased $1.5 billion (primarily pharmaceutical preparations and gem diamonds) to $21.9 billion.
The goods deficit with Canada increased from $3.7 billion in June to $5.0 billion in July. Exports decreased $2.8 billion to $12.1 billion, while imports decreased $1.5 billion to $17.0 billion.