July Trade Gap $63.6B On Record Imports Surge; Gap Wider Than Expected

Trade deficit rose sharply in July to USD63.6B (highest since 2008) from a revised USD53.5B in June with imports surging a record 10.9% and exports rising 8.1%. Trade remains below pre-pandemic levels as business operations remain limited and cross-border travel restricted.

• Total goods imports rose sharply by USD21.5B, led by auto, followed by industrial supplies, capital goods and consumer goods .
• Total goods exports rose by USD12.3B on auto, consumer goods and industrial supplies.
• Goods deficit was highest on record
• Services surplus is lowest since August 2012
• U.S.-China deficit rose USD1.6B to USD28.3B
• U.S.-Mexico deficit was highest on record at USD10.6B