• U.S. Exports Increase in July, Trade Gap Decreases to $40.5 Billion

    U.S. Exports Increase in July, Trade Gap Decreases to $40.5 Billion

    According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, July exports increased by $1.8 billion from June, reaching $198 billion. July imports also increased by $1.6 billion from June, reaching¬†$238.6 billion. The U.S. trade deficit decreased to $40.5 as exports grew at a faster rate than imports for the month of July. The increase in exports was realized in the trade of goods. However, “The goods and services deficit increased $1.1 billion from July 2013 to July 2014. Exports were up $8.1 billion, or 4.3 percent, and imports were up $9.2 billion or 4 percent”.

    The increase in exports from June was realized in automotive vehicles, parts, and engines, industrial supplies and materials, and capital goods. Exports of consumer goods and foods, feeds, and beverages decreased. Imports of automotive vehicles, parts, and engines, other goods, industrial supplies and materials, and foods, feeds, and beverages increased from June while imports of consumer goods and capital goods decreased for the same time period.

    Compared to the same month last year, July exports of automotive vehicles, parts, and engines, capital goods, consumer goods, other goods, foods, feeds, and beverages, and industrial supplies and materials increased. For the same time period, U.S.  imports of capital goods, automotive vehicles, parts, and engines, foods, feeds, and beverages, consumer goods, and other goods increased while imports of industrial supplies and materials decreased.

    According to the U.S. Bureau of Economic Analysis, “The goods deficit with the European Union decreased from $11.5 billion in June to $9.5 billion in July. Exports increased $0.5 to $24.8 billion, and imports decreased $1.5 billion to $34.3 billion.” Further, “The goods deficit with China decreased from $29.2 billion in June to $27.5 billion in July. Exports increased $0.1 billion to $9.8 billion, and imports decreased $1.6 billion to $37.3 billion.”

    Sources:

    U.S. Bureau of Economic Analysis

    U.S. Census Bureau