Economy

US Trade Deficit Widens Less Than Expected In July

US Trade Deficit Widens Less Than Expected In July”

In this October 24, 2016, photo, a container is unloaded from a ship at the Port of Baltimore in Baltimore. Since taking office, he pulled out of the Trans-Pacific Partnership and started revamping the North American Free Trade Agreement, which he says hurt US manufacturing.

The U.S. trade deficit rose slightly in July and is running nearly 10% higher in 2017 compared to 2016.

Many major exporters price their goods in USA dollars.

In July, imports slipped 0.2% to $238.1 billion. USA exporters benefited from a decline in the value of the dollar, which makes American products cheaper overseas.

Yet U.S. crude exports climbed to the highest level in almost three years reflecting the nation's status once again as a major oil producer.

Still, the trade gap this year is running ahead of last year's level as rising consumer spending and greater business investment draws in more imports.

What's more, the U.S.no longer produces some goods that Americans buy in abundance such as cell phones, televisions and computer screens.

In July, exports of chemicals, petroleum, and plastics fell. Exports of civilian aircraft, which can be volatile from month to month, jumped by $1.1 billion to $5.4 billion.

The Commerce Department said on Wednesday the trade gap rose 0.3 percent to $43.7 billion. -China trade deficit increased to an 11-month high in July. Imports of crude oil, autos and pharmaceutical goods all declined. When adjusted for inflation, the trade deficit increased to $61.6 billion from $60.8 billion in June. As a result, the trade surplus with the United States grew to C$2.90 billion from C$1.80 billion in June. President Donald Trump campaigned on a pledge to renegotiate free-trade agreements that he says contribute to America's deficit. Through July the deficit with China climbed to $204.2 billion, almost 7 percent higher than the first seven months of 2016.



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