By: Carlann Unger
Balance of Payments Basis
The trade deficit in goods and services continued to decrease for the third month, dropping $0.3 billion to $40.5 billion. A slightly larger increase in exports of $1.8 billion (to $198.0 billion) than imports of $1.6 billion (to $238.6 billion) drove the July decrease. July exports of goods, at $138.6 billion, were the highest on record.
Goods on a Census Basis
July exports of goods increased to $137.6 billion. Exports of Automotive Vehicles, Parts, and Engines drove the increase with gains of $1.7 billion, followed by Industrial Supplies and Materials with gains of $1.3 billion. July imports of goods increased to $196.8 billion. The main drivers for this increase were Automotive Vehicles, Parts, and Engines with gains of $1.4 billion and Other Goods with gains of $0.5 billion. July imports of Foods, Feeds, and Beverages also had a record month with total imports of $10.9 billion.
July Automotive Vehicles, Parts, and Engines increased to record levels for both exports and imports. In July, this category made up 11% of all U.S. goods exported, with Passenger Cars making up 40% of the exports in this category. July imports of Automotive Vehicles, Parts, and Engines made up 15% of all goods imported, with Passenger Cars making up 45% of the imports in this category. Take a look at our Graph of the Month to see how the values of exports and imports of Automotive Vehicles, Parts, and Engines have changed since 2008.