US trade deficit hits highest level since mid-2022

The US trade deficit surged by 7.9% to $78.8 billion in July, reaching its highest level since mid-2022, according to a report from the Commerce Department's Census Bureau on Wednesday.

The figure matched market expectations, while the trade deficit for June was slightly revised to $73 billion from $73.1 billion, News.Az reports citing foreign media.

In July, exports totaled $266.6 billion, an increase of $1.3 billion from June, while imports rose to $345.4 billion, up $7.1 billion from the previous month.

The Census Bureau noted that the increase in the deficit was due to a $5.6 billion rise in the goods deficit, reaching $103.1 billion, and a $0.2 billion decrease in the services surplus, which fell to $24.3 billion.

Year-to-date, the goods and services deficit has increased by $36.2 billion, or 7.7%, compared to the same period in 2023. Exports have risen by $65.9 billion, or 3.7%, while imports have grown by $102.1 billion, or 4.5%.

News.Az