Thursday, September 4, 2014

Trade Deficit Dropped to $40.5 Billion in July

The U.S. trade deficit shrank for the third consecutive month in July, dropping 1% to $40.5 billion from a downwardly revised deficit in June. The deficit is the lowest it has been in 6 months. Exports increased faster than imports, contributing to the overall decline in the trade deficit.

Exports improved 0.9% to $198.0 billion. Imports increased 0.7% to $238.6 billion. The goods and petroleum deficits shrank while the services surplus remained the same from the previous month.

The real goods deficit, which is important for the calculation of GDP, shrank to $48.2 billion.

Read the Census report.

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