- The US
trade deficit in July hit $63.6 billion, the widest point in 12 years, the Commerce Department reported Thursday. - The deficit jumped from $53.5 billion in June as
imports surged a record 10.9% in July to $231.7 billion. - At the same time,
exports increased 8.1% to $168.1 billion, according to the release.
The
The US
A record jump in imports drove the deficit — US imports grew 10.9% in July to $231.7 billion. At the same time, exports increased 8.1% to $168.1 billion, according to the release.
The report is the latest to show that the US economic recovery from the coronavirus pandemic and ensuing recession has an uncertain path ahead and will likely come in fits and starts. In June, the trade deficit narrowed, though imports and exports remained well below pre-pandemic levels.
Even with an increase in July, global trade is weaker than it was before the coronavirus pandemic. And, US trade deficits with other countries increased.
The US trade deficit with China grew $1.6 billion to $28.3 billion in July, driven by a jump in imports, according to the report. At the same time the US trade deficit with Mexico increased $2.5 billion to $11.5 billion.