(STR Trade Report)
Trade statistics released Sept. 4 by the Department of Commerce show that the U.S. trade deficit fell for the third straight month in July, slipping 0.7% to $40.5 billion. Exports rose 0.9% to $198.0 billion, the latest in a string of all-time records, and imports gained 0.7% to $237.0 billion. Compared to a year earlier, the July trade deficit was down $1.1 billion as exports increased 4.3% and imports grew by 4.0%.
The monthly deficit in goods trade was down 0.3% to $60.2 billion. Exports of goods rose 1.3% to a record $138.6 billion while imports gained 0.8% to $198.8 billion. The services surplus was virtually unchanged at $19.6 billion as exports rose 0.2% to $59.4 billion, the third straight monthly record, and imports were virtually unchanged at $39.8 billion. The petroleum deficit ($14.5 billion) was the lowest in more than five years, exports of automotive vehicles, parts and engines ($15.3 billion) were the highest on record, and imports of foods, feeds and beverages ($10.9 billion) hit an all-time high as well. Read more here.