Trade deficit steady at $42 billion

Exports of U.S. goods and services fell slightly more than imports in July, leaving the trade deficit nearly unchanged, the Commerce Department said Wednesday. The monthly report by the Commerce Department's Census Bureau and Bureau of Economic Analysis said exports fell by $1.9 billion June to July, while imports fell by $1.8 billion. As a result, the monthly trade gap rose from $41.9 billion to $42 billion. The deficit in goods trades fell by $200 million to $57.3 billion, while the surplus in services trades fell by $300 million to $15.3 billion. Breaking that down, exports of goods fell by $1.9 billion to $130.8 billion, while imports of goods fell by $2.1 billion to $188.1 billion. Exports of services were unchanged at $52.5 billion, while imports of services rose by $300 million to $37.2 billion. Exports of industrial supplies and materials dropped $2.4 billion, the decline leading all others among goods exported to other countries. Notably, exports of automobiles and automobile parts fell by $600 million, while imports of vehicles and vehicle parts increased by $500 million. Export declines were also posted by foods, feeds, beverages and capital goods. Imports of industrial supplies rose by $2.1 billion, the increase leading all others among goods imported from other countries. Among various trading partners, the trade gap with China rose from $27.4 billion to $29.4 billion. The gap shrank marginally with the Organization of Petroleum Exporting Countries, dropping from $8.5 billion to $8.4 billion. With the European Union the trading deficit rose from $8.4 billion to $12 billion. Trade surpluses with Australia and Egypt rose by $200 million and $100 million, respectively, while trade surpluses with Hong Kong and Singapore fell by $800 million and $500 million, respectively.