U.S. Exports up Slightly in July
The U.S. Department of Commerce’s Census Bureau and the Bureau of Economic Analysis (BEA) announced in early-September that total exports for the month of July increased to $178 billion, up from the revised June number of $171.8 billion. This represents an increase of $6.2 billion in export growth. Although the growth in exports is positive, the U.S. still has a net trade deficit of $44.8 billion, down from the revised June deficit of $51.6 billion. This is due to the import of $222.8 billion in goods and services in July.
Compared with July 2010, this most recent data shows the overall trade deficit up $3.2 billion. Despite this gap, U.S. exports increased 15.1 percent over the last year. Unfortunately, imports also grew by 13.6 percent, resulting in a net trade deficit up $3.2 billion from June 2010.
Both goods and services increased from the somewhat dismal June numbers, however imports of both goods and services also were up from the same time one year ago. However, while the import of services from June 2011 to July 2011 was up slightly, the import of goods actually decreased between June and July.
Please click here for more details from BEA.