Thursday, September 03, 2020

Trade Deficit Increased Sharply to $63.6 Billion in July

by Calculated Risk on 9/03/2020 08:55:00 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 $63.6 billion in July, up $10.1 billion from $53.5 billion in June, revised.

July exports were $168.1 billion, $12.6 billion more than June exports. July imports were $231.7 billion, $22.7 billion more than June imports
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports increased in June.

Exports are down 20% compared to July 2019; imports are down 11% compared to July 2019.

Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports more than exports),

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.

Note that the U.S. exported a slight net positive petroleum products in recent months.

Oil imports averaged $40.60 per barrel in July, up from $35.34 per barrel in June, and down from $60.11 in July 2019.

The trade deficit with China decreased to $31.6 billion in July, from $32.7 billion in July 2019.