by Bill McBride on 9/09/2010 09:11:00 AM
Thursday, September 09, 2010
The Census Bureau reports:
[T]otal July exports of $153.3 billion and imports of $196.1 billion resulted in a goods and services deficit of $42.8 billion, down from $49.8 billion in June, revised.Click on graph for larger image.
The first graph shows the monthly U.S. exports and imports in dollars through June 2010.
Although imports declined in July, imports have been increasing much faster than exports.
The second graph shows the U.S. trade deficit, with and without petroleum, through July.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
The decrease in the deficit in July was across the board, although the oil deficit only declined slightly. And the trade gap with China declined slightly to $25.92 billion from $26.15 billion in June - essentially unchanged.
This is the 2nd largest monthly trade deficit since the 2008 collapse in trade.
Posted by Bill McBride on 9/09/2010 09:11:00 AM