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
- 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
Yeah, have been looking for this due to Chinese strategy of devaluing yuan. That stimulates all their exports to USA not just specific targets like what Trump has done so far. Not only that but they should get more exports to other countries as well. Kind of difficult to put economic pressure on China as such.
I’m going for a nap. Just really tired of wining …
Every time Trump talks about tariffs the USD goes up. Add in Jerome’s interest rate hikes and you’ve got the recipe for all time highs in the trade deficit. I bet money it’s going to get even worse.
Probably due to a strong USD. The irony is tariffs caused the USD to go up because people expected the deficit to shrink but the expectation of a shrinking deficit actually caused the deficit to go up.
How much of this is accelerated trade to avoid future tariffs ?
Good point.
That what I thought too. The tariffs are pulling demand forward for the time being. Bring in steel and aluminum and cars while you can.
Looting the rest of the world to the tune of $600,000,000,000 a year, and then complaining about it.
Chutzpah.
Exactly – Wait till you read about Canada – It’s even sillier
The victims of the looting is predominantly the home grown non privileged classes. They are tho ones who are bearing the brunt of the theft-by-debasement that is powering it all.
Not looting. All sides are willing participants.
We take their “stuff”, they get……US Treasuries.
It is a somewhat subtle form of looting, but looting it is.
Only if they decide to intervene in forex. No one is forcing them to do so and we try to discourage it.
There is a grain of truth to your argument.
The looting “victims” certainly have the option to convert the Dollars to local currency, however this would tend to undermine their mercantilist agenda (if there is one) by strengthening the local currency. And of course there are plenty (TRILLIONS) of other reasons why no one wants a strong currency.