The U.S. monthly international trade deficit increased in July 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $53.5 billion in June (revised) to $63.6 billion in July, as imports increased more than exports. The previously published June deficit was $50.7 billion. The goods deficit increased $9.3 billion in July to $80.9 billion. The services surplus decreased $0.8 billion in July to $17.4 billion.
Exports
Exports of goods and services increased $12.6 billion, or 8.1 percent, in July to $168.1 billion. Exports of goods increased $12.3 billion and exports of services increased $0.4 billion.
- The increase in exports of goods reflected increases in automotive vehicles, parts, and engines ($3.8 billion), in consumer goods ($2.6 billion), in industrial supplies and materials ($2.5 billion), and in capital goods ($2.5 billion).
- The increase in exports of services reflected increases in other business services ($0.3 billion), in transport ($0.3 billion), and in charges for the use of intellectual property ($0.1 billion). A decrease in travel ($0.4 billion) partly offset the increases.
Imports
Imports of goods and services increased $22.7 billion, or 10.9 percent, in July to $231.7 billion. Imports of goods increased $21.5 billion and imports of services increased $1.2 billion.
- The increase in imports of goods reflected increases in automotive vehicles, parts, and engines ($7.7 billion), in industrial supplies and materials ($4.4 billion), in capital goods ($4.1 billion), and in consumer goods ($3.5 billion).
- The increase in imports of services reflected increases in transport ($0.5 billion), in travel ($0.3 billion), in charges for the use of intellectual property ($0.1 billion), and in insurance services ($0.1 billion).
For more information, read the full report.