A jump in exports of foods, feeds and beverages helped decrease the United States’ trade deficit in July by $5.2 billion from June to $59.3 billion, according to the latest Advance International Trade in Goods report from the Census Bureau.
Meanwhile, the amount of imported goods dropped $2.4 billion in July from June to $182.1 billion, as fewer industrial supplies, capital goods, automotive vehicles and consumer goods were brought onto U.S. shores, the agency said.
Year-over-year, U.S. exports in every category, from foods and beverages to consumer goods, excepting one tracked by the Census Bureau, were in negative territory, with capital goods falling the most at 11.7%. Exports of industrial supplies, on the other hand, increased 31.6% year-over-year in July.
Wholesale inventories in July were virtually unchanged at $590.2 billion and up slightly from a year prior, the Census Bureau said. Retail inventories fell 0.4% from June, but were up 4.2% year-over-year.
- Nicholas Stern, editorial associate