The U.S. trade deficit in goods and services for July was $32 billion, up from $27.5 billion in June, the U.S. Department of Commerce announced Thursday.
Total U.S. exports in July amounted to $127.6 billion and U.S. imports were $159.6 billion, accounting for the deficit, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, reporting through the Commerce Department. Although exports in July were $2.7 billion higher than in June, imports in July grew even more, exceeding June imports by $7.2 billion. Compared with July 2008, however, the U.S. goods and services deficit in July 2009 declined by $32.9 billion, as exports dropped $36.8 billion, or 22.4 percent, and imports declined $69.8 billion, or 30.4 percent, over that 12-month period.
In July, the U.S. goods deficit increased $4.3 billion from June to $42.7 billion, and the services surplus declined by $100 million to $10.7 billion. Exports of goods increased $2.7 billion to $86.7 billion, and imports of goods increased $7 billion to $129.4 billion. Exports of services increased $100 million to $40.9 billion, and imports of services increased $200 million to $30.2 billion.
Compared with June 2009, U.S. exports in July 2009 grew in automotive vehicles, parts, and engines (up $1.3 billion); capital goods ($700 million); industrial supplies and materials ($400 million); consumer goods ($400 million); and other goods ($200 million). However, exports of foods, feeds, and beverages dropped by $400 million.
Compared with June 2009, U.S. imports in July 2009 increased in automotive vehicles, parts, and engines (up $2.4 billion); consumer goods ($1.7 billion); industrial supplies and materials ($1.4 billion); capital goods ($1.3 billion); and other goods ($200 million). Imports of foods, feeds, and beverages declined $100 million.
Compared with July 2008, U.S. exports in July 2009 declined in industrial supplies and materials (down $13.1 billion); capital goods ($7.9 billion); automotive vehicles, parts, and engines ($4.7 billion); foods, feeds, and beverages ($2.2 billion); consumer goods ($2.1 billion); and other goods ($400 million). Over the same period, U.S. imports declined in these sectors: industrial supplies and materials (down $41.5 billion); capital goods ($8.6 billion); automotive vehicles, parts, and engines ($6.8 billion); consumer goods ($5.5 billion); other goods ($1.1 billion); and foods, feeds, and beverages ($700 million).
Contact Alan M. Field at afield@joc.com.
http://www.joc.com/node/413309US EXPORT COUNCIL PROVIDES ASSISTANCE TO US COMPANIES SEEKING ACCESS TO HIGH GROWTH MARKETS OVERSEAS. http://usexportcouncil.com/
