Census Reports Drop in Imports & Exports, Widening of Deficit in July

Imports and exports both declined in July, but the drop in exports was steeper leading to a widening of the U.S. goods and services deficit by $100 million to $42 billion, said the Census Bureau and Bureau of Economic Analysis in their U.S. International Trade in Goods and Services Report for July 2012. The report showed that, as compared to revised June 2012 levels, exports were down $1.9 billion to $183.3 billion, and imports were down $1.8 billion to $225.3 billion. As compared to July 2011 totals, exports increased by 2.8% and imports by 0.6%. The U.S. trade deficit with China increased to $29.4 billion in July, up from $27.4 billion in June. Statement by Acting Commerce Secretary Blank available here. International Trade Administration fact sheet available here.