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September 13, 2021

US trade deficit in goods falls 4.3% in July

The US trade deficit in goods and services fell by 4.3% in July, reflecting decreases in the goods deficit and the services surplus of US$5.5bn and $2.4bn respectively.

By Beth Wright

The deficit amounted to US$70.1bn July, down $3.2bn from $73.2bn in June, revised, according to trade statistics released by the Department of Commerce.

July exports were $212.8bn – $2.8bn more than June exports – while imports were $282.9bn, $0.4bn less than those in February.

Year-to-date, the goods and services deficit increased $131bn, or 37.1%, from the same period in 2020. Exports rose $205bn or 16.8%, while imports increased $336bn or 21.3%.

The July decrease in the goods and services deficit reflected a fall in the goods deficit of $5.5bn to $87.7bn and a decline in the services surplus of $2.4bn to $17.7bn.

The largest deficit was recorded with China at $25bn, followed by the European Union at $18.1bn, and Mexico at $8.5bn. Deficits were also recorded with Japan ($6bn, Germany ($5.6bn), Canada ($3.6bn), Italy ($3.5bn), Taiwan ($3.4bn), India ($2.8bn), South Korea ($2.1bn), France ($2.1bn), and Saudi Arabia ($0.3bn).

Surpluses for the month of July, meanwhile, were recorded with South and Central America ($5.2bn), Hong Kong ($2.3bn), Brazil ($1.4bn), Singapore ($1.3bn), and the United Kingdom ($0.3bn).

The US trade deficit in goods and services hit an all-time high in June, up 6.8% to US$75.7bn from $71.2bn in May, according to trade statistics released by the Department of Commerce.

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