The US trade deficit widened in July, but less than expected. (Photo: 123RF)
WASHINGTON — The U.S. trade deficit widened in July, but less than expected, as imports rose more than exports, according to Commerce Department data released Wednesday.
The deficit in trade in goods and services with the rest of the world stood at $65.0 billion in July.
This represents 1.3 billion more than in June, a month which recorded a deficit of 63.7 billion, according to data revised downwards.
It should be noted that exports of motor vehicles and parts from the United States recorded a record.
“Trade flows rebounded to start the third quarter […]. But the levels are down from a year ago,” said Rubeela Farooqi, economist for High Frequency Economics.
“July’s strength could signal some stabilization in demand,” she said, adding that “further weakness going forward would not be surprising given the tense tightening of monetary policy across the board.” world, which weighs on demand and economic activity”.
The central banks in the main economies have indeed raised their rates, in order to increase the cost of credit to slow down demand, and thus try to slow down inflation.
In detail, imports increased by 1.7% compared to June, to 316.7 billion, driven by consumer and capital goods.
Exports rose by 1.6% to 251.7 billion.
The deficit increased again with China, the main trading partner of the United States (+1.2 billion dollars to 24 billion). The United States also recorded deficits with the European Union and Mexico, which appear respectively on the 2nd and 3rd step of the podium (17.3 and 12.8 billion dollars).
2023-09-06 23:17:02
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