U.S. trade gap grew $4.5B in July
The U.S. trade deficit grew by $4.5 billion in July to $32 billion, a larger gap than economists predicted, the Bureau of Economic Analysis said Wednesday.
Economists forecast a trade gap on par with June, when it reached $27.5 billion.
In July, exports totaled $127.6 billion, while imports came in at $159.6 billion.
The deficit in goods rose by $4.3 billion to $42.7 billion, while the surplus in services fell by $100 million to $10.7 billion.
The month included export increases in automotive vehicles and parts, capital goods, industrial supplies and consumer goods. In July, food, feeds and beverage exports declined.
Similarly, imports increased in automobiles, capital goods and industrial supplies, and fell in foods and beverages.
The gap in trading with China increased by $2 billion in July. The gap increased by $1 billion with the Organization of Petroleum Exporting Countries and $3.5 billion with the European Union.