Wednesday, September 05, 2018

Trade Deficit increased to $50.1 Billion in July

by Bill McBride on 9/05/2018 08:42:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.1 billion in July, up $4.3 billion from $45.7 billion in June, revised. … July exports were $211.1 billion, $2.1 billion less than June exports. July imports were $261.2 billion, $2.2 billion more than June imports.
U.S. Trade Exports Imports Click on graph for larger image.

Exports decreased and imports increased in July.

Exports are 28% above the pre-recession peak and up 8% compared to July 2017; imports are 12% above the pre-recession peak, and up 9% compared to July 2017.

In general, trade has been picking up.

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit 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 imports averaged $64.63 in July, up from $62.42 in June, and up from $43.13 in July 2017.

The trade deficit with China increased to $36.8 billion in July, from $33.6 billion in July 2017.