Total July exports of US$198 billion and imports of US$238.6 billion resulted in a goods and services deficit of US$40.5 billion, down from US$40.8 billion in June, revised, the US Department of Commerce reported Tuesday. July exports were US$1.8 billion more than June exports of US$196.2 billion. July imports were US$1.6 billion more than June imports of $237.0 billion.
Exports are 19 per cent above the pre-recession peak and up 4 per cent compared to July 2013; imports are about 3 per cent above the pre-recession peak, and up about 4 per cent compared to July 2013.
US Trade
Oil imports averaged US$97.81 in July, up from US$96.41 in June, and down up US$97.07 in July 2013.ย The petroleum deficit has generally been declining and is the major reason the overall deficit has declined since early 2012.
The trade deficit with China increased to US$30.9 billion in July, from US$30.1 billion in July 2013.
The trade deficit was revised down (exports up, imports down) for the previous six months.