U.S. Trade Deficit Widened by $1.3 Billion in July

Washington, DC, September 6, 2023-The goods and services deficit was $65.0 billion in July, up $1.3 billion from $63.7 billion in June, revised, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

July exports were $251.7 billion, $3.9 billion more than June exports. July imports were $316.7 billion, $5.2 billion more than June imports.

The July increase in the goods and services deficit reflected an increase in the goods deficit of $2.0 billion to $90.0 billion and an increase in the services surplus of $0.7 billion to $25.0 billion.

Year-to-date, the goods and services deficit decreased $128.3 billion, or 21.4%, from the same period in 2022. Exports increased $27.3 billion or 1.6%. Imports decreased $101.0 billion or 4.3%.

“The U.S. trade deficit expanded slightly to $65 billion in July, but was narrower than the $68 billion expected,” reports the Wall Street Journal.

“A 1.6% monthly jump in exports, boosted by autos and pharmaceuticals, helped beat WSJ-polled economists’ expectations.

“June’s figure was revised lower as well, showing the U.S. economy making steady progress to rev up its exports as Asian and European manufacturing struggles.”