The U.S. exported $189.4 billion worth of goods in July and imported $228.6 billion in that same period, resulting in a goods and services deficit of $39.1 billion, up from June’s revised figure of $34.5.1 billion, the U.S. Bureau of Economic Analysis announced Wednesday.
The trade deficit widened by a full 13 percent in July, up from its previous four-year low:
A wider trade gap could mean bad news for the U.S. economy because it may signal consumers are spending more abroad than on than on U.S. goods.
“July exports were $1.1 billion less than June exports of $190.5 billion,” the BEA report notes. “July imports were $3.5 billion more than June imports of $225.1 billion.”
“In July, the goods deficit increased $4.5 billion from June to $58.6 billion, and the services surplus decreased $0.1 billion from June to $19.4 billion.”
Driven by demand for industrial supplies and consumer products, imports increased in June by 1.6 percent, the report notes.
Meanwhile, exports decreased by roughly 00.6 percent, a slight downtick from record ground made in June.
"Exports of goods decreased $1.1 billion to $132.7 billion, and imports of goods increased $3.4 billion to $191.3 billion," it adds. "Exports of services were virtually unchanged at $56.7 billion, and imports of services increased $0.1 billion to $37.3 billion."
The goods and services deficit decreased by a total of $4.3 billion from July 2012 to July 2013, the report notes. Exports were up $6.1 billion, or 3.3 percent, and imports were up $1.8 billion, or 0.8 percent.
In short, more was spent abroad than at home in July and the trade deficit widened from its position in June, further confirming analysts' suspicions U.S. economic growth will remain sluggish for the remainder of the third quarter.
Here are highlights from the Thursday report:
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