Auto Export Gains Narrow U.S. Trade Deficit In July

@AFP
Auto Export Gains Narrow U.S. Trade Deficit In July

Washington (AFP) — The U.S. trade deficit shrank for the third straight month in July helped by gains in exports especially from the automotive sector, Commerce Department data showed Thursday.

The monthly trade balance came in at a negative $40.5 billion, down from a $40.8 billion deficit in June.

Exports rose $1.8 billion to $198.0 billion, while imports gained $1.6 billion to $238.6 billion.

Cars and trucks, parts, and engines were the primary force behind the export gains, up $1.7 billion in the month to $15.3 billion.

Also showing strength were exports of oil products, industrial machinery, and telecommunications equipment, including cellphones.

Meanwhile crude oil imports picked up, while consumer good imports fell.

For the year to July, the trade deficit at $295.3 billion was 4.6 percent larger than a year ago, with exports for the seven month period up 3.1 percent year on year and imports growing 3.4 percent.

Analysts said the improvement in the deficit should give a boost to overall economic growth in the third quarter, if sustained.

AFP Photo/Bill Pugliano

Interested in economic news? Sign up for our daily email newsletter!

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

How A Stuttering President Confronts A Right-Wing Bully

Donald Trump mocks Joe Biden’s stutter,” the headlines blare, and I am confronted (again) with (more) proof that the presumptive Republican presidential nominee hates people like me.

Keep reading...Show less
Trump at Trump Tower

Former President Donald Trump at Trump Tower in Manhattan

NEW YORK, March 25 (Reuters) - Donald Trump faces a Monday deadline to post a bond to cover a $454 million civil fraud judgment or face the risk of New York state seizing some of his marquee properties.Trump, seeking to regain the presidency this year, must either pay the money out of his own pocket or post a bond while he appeals Justice Arthur Engoron's February 16 judgment against him for manipulating his net worth and his family real estate company's property values to dupe lenders and insurers.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}