Wednesday, September 4, 2013

U.S. Trade Gap Widened in July

The U.S. foreign trade deficit grew by 13% in July to $39.1 billion. The increase in the deficit is due to a combination of decreased exports and increased imports.

Exports shrank by 0.6% to $189.4 billion and imports grew by 1.6% to $228.6 billion. The goods and petroleum deficits contributed to July’s trade gap increase. The goods deficit grew from $54.1 billion to $58.6 billion and the petroleum deficit increased from $17.5 billion to $18.7 billion.

The data suggests a sluggish recovering global economy from lower demand abroad and a more robust recovery at home due to increased imports.

The real goods deficit, which is important to calculate GDP, grew from $43.8 billion to $47.7 billion.

Read the Census report.

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