by Bill McBride on 9/11/2012 08:30:00 AM
Tuesday, September 11, 2012
The Department of Commerce reported:
[T]otal July exports of $183.3 billion and imports of $225.3 billion resulted in a goods and services deficit of $42.0 billion, up from $41.9 billion in June, revised. July exports were $1.9 billion less than June exports of $185.2 billion. July imports were $1.8 billion less than June imports of $227.1 billion.June was revised down from $42.9 billion. The trade deficit was below the consensus forecast of $44.3 billion.
The first graph shows the monthly U.S. exports and imports in dollars through July 2012.
Click on graph for larger image.
Both exports and imports decreased in July. Exports are 10% above the pre-recession peak and up 3% compared to July 2011; imports are just below the pre-recession peak, and up about 1% compared to July 2011.
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.
Oil averaged $93.83 in July, down from $100.13 per barrel in June, and the lowest level since early 2011. Import oil prices will probably start increasing again in August. The trade deficit with China increased to $29.4 billion in July, up from $27.0 billion in July 2011. Once again most of the trade deficit is due to oil and China.
The trade deficit with the euro area was $10.2 billion in July, up from $7.7 billion in July 2011.
Posted by Bill McBride on 9/11/2012 08:30:00 AM