As Expected, U.S. Trade Deficit Rises In July

ByJohn S. McClenahen The U.S. imported $40.323 billion more in goods and services than it sold to the rest of the world in July, the U.S. Commerce Department said on Sept. 11. Total July exports were $86.149 billion, up $1.69 billion from June, while imports were $126.472 billion, up $1.978 billion from June. The July trade deficit was $287 billion larger than the revised $40.036 billion deficit figure for June and just about what economists expected. The U.S. goods trade deficit with China was $11.338 billion in July -- and totaled $65.312 billion for the first seven months of this year. Also on Sept. 11, the U.S. Labor Department reported that prices of goods that the U.S. bought from the rest of the world rose 0.2% in August, a result of continued petroleum price increases. Prices for imported petroleum rose 3.9% in August and were up 14% for the three months ending in August. In contrast to the price rise for imports, prices of goods the U.S. exported decreased 0.1% in August, the same amount they fell in June and July. August's decline was led by a 1.5% decline in prices of agricultural exports, the largest decline in 10 months.