US trade deficit grows to $88.6B
Summary
The U.S. trade deficit increased to $88.6 billion in July, the highest level in over a year. This rise was mainly due to a $17.4 billion increase in the value of goods and services imported into the U.S. compared to June.Key Facts
- The U.S. trade deficit in July was $88.6 billion.
- This amount is the largest monthly trade deficit in more than a year.
- The deficit grew by $17.4 billion from June’s $71.2 billion.
- The data comes from the U.S. Commerce Department.
- A trade deficit happens when the value of imports is higher than exports.
- Both goods and services contributed to the increase in imports.
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