by Calculated Risk on 9/04/2019 08:43:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.0 billion in July, down $1.5 billion from $55.5 billion in June, revised.

July exports were $207.4 billion, $1.2 billion more than June exports. July imports were $261.4 billion, $0.4 billion less than June imports.

Click on graph for larger image.

Exports increased and imports decreased in July.

Exports are 25% above the pre-recession peak and down 1% compared to July 2018; imports are 13% above the pre-recession peak, and up slightly compared to July 2018.

In general, trade had been picking up, but both imports and exports have moved more sideways recently.

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Oil imports averaged $56.48 per barrel in July, down from $59.18 in June, and down from $64.54 in July 2018.

The trade deficit with China decreased to $32.8 billion in July, from $37.0 billion in July 2018.