US trade deficit expands to $78.8 bn in July 2024

In July, exports rose slightly to $266.6 billion, up by $1.3 billion compared to June, while imports surged by $7.1 billion, reaching a total of $345.4 billion. The increase in the deficit was primarily due to a larger goods trade gap, which grew by $5.6 billion to $103.1 billion, coupled with a slight decline in the services surplus, which fell by $0.2 billion to $24.3 billion, the Census Bureau said in a press release.

Year-to-date, the US trade deficit has grown by 7.7 per cent, or $36.2 billion, compared to the same period in 2023. Exports have increased by 3.7 per cent, while imports have risen by 4.5 per cent, widening the gap between them.

Over the three months ending in July, the average trade deficit stood at $75.7 billion, an increase of $1.3 billion compared to the previous period. The average value of exports reached $264.2 billion, while imports averaged $339.9 billion during this time frame.

The expansion in the trade deficit reflects growing demand for foreign goods, particularly capital goods and industrial supplies.

Fibre2Fashion News Desk (KD)