The Census Bureau's [International Trade Report](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. ) shows the goods and services deficit was $50.1 billion in July, up $4.3 billion from $45.7 billion in June, revised.

Exports, Imports, Balance

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  • 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.
  • The July increase in the goods and services deficit reflected an increase in the goods deficit of $4.2 billion to $73.1 billion and a decrease in the services surplus of $0.1 billion to $23.1 billion.
  • Year-to-date, the goods and services deficit increased $22.0 billion, or 7.0 percent, from the same period in 2017. Exports increased $115.7 billion or 8.6 percent. Imports increased $137.7 billion or 8.3 percent.

Goods by Selected Countries and Areas: Monthly – Census Basis

  • The deficit with the European Union increased $1.7 billion to $14.5 billion in July. Exports decreased $1.2 billion to $26.0 billion and imports increased $0.5 billion to $40.5 billion.
  • The deficit with China increased $1.7 billion to $34.1 billion in July. Exports decreased $1.0 billion to $11.0 billion and imports increased $0.7 billion to $45.2 billion.
  • The deficit with Japan decreased $0.7 billion to $4.9 billion in July. Exports increased $0.5 billion to $6.6 billion and imports decreased $0.2 billion to $11.5 billion.

I will have more details on an annual basis later today.

Mike "Mish" Shedlock