July 2024 Trade Gap is $78.8 Billion

September 4, 2024

The U.S. goods and services trade deficit increased from $73.0 billion in June (revised) to $78.8 billion in July, as imports increased more than exports. The goods deficit increased $5.6 billion to $103.1 billion, and the services surplus decreased $0.2 billion to $24.3 billion.

Exports of goods and services increased $1.3 billion, or 0.5 percent, in July to $266.6 billion. Exports of goods increased $0.7 billion, and exports of services increased $0.6 billion.

• The increase in exports of goods reflected an increase in capital goods ($1.8 billion). A decrease in automotive vehicles, parts, and engines ($1.7 billion) partly offset the increase.
• The increase in exports of services reflected increases in government goods and services ($0.3 billion) and in financial services ($0.2 billion).

Imports of goods and services increased $7.1 billion, or 2.1 percent, in July to $345.4 billion. Imports of goods increased $6.4 billion, and imports of services increased $0.8 billion.

• The increase in imports of goods reflected increases in capital goods ($3.3 billion) and in industrial supplies and materials ($2.8 billion).
• The increase in imports of services reflected increases in charges for the use of intellectual property ($0.5 billion) and in transport ($0.3 billion). A decrease in travel ($0.3 billion) partly offset the increases.

Real, or inflation-adjusted, statistics are also available for trade in goods (Census basis). The real goods deficit increased 6.9 percent in July, compared to a 6.6 percent increase in the nominal deficit. Real exports of goods decreased 1.2 percent, compared to a less than 0.1 percent decrease in nominal exports. Real imports of goods increased 1.9 percent, compared to a 2.3 percent increase in nominal imports.

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