The U.S. trade deficit widened sharply in July to $78.3 billion, a 32.5% increase, as record imports of capital goods and materials outpaced exports, according to the Commerce Department. Economists had forecast a smaller deficit of $75.7 billion.
- Total imports rose 5.9% to $358.8B, with goods imports up 6.9% to $283.3B.
- Capital goods imports hit a record $96.2B, driven by computers and telecom equipment; semiconductor imports fell $0.8B.
- Industrial supplies imports surged $12.5B, including a $9.6B jump in nonmonetary gold.
- Petroleum imports dropped to their lowest since April 2021.
- Exports edged up 0.3% to $280.5B, with capital goods exports rising $0.6B to a record $59.9B.
- The goods trade deficit widened 21.2% to $103.9B, with the U.S. deficit with China increasing $5.3B to $14.7B.
- Imports of services rose $1.7B to a record $75.5B, while service exports hit a record $101.0B.
- Travel services exports fell $0.3B amid immigration restrictions.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
