US trade deficit jumps 7.9% in July to highest since mid-2022

By Ovunc Kutlu

ISTANBUL (AA) - The US trade deficit jumped 7.9% to $78.8 billion in July, climbing to its highest level since mid-2022, according to the Commerce Department's Census Bureau on Wednesday.

The figure came in line with market expectations, while the trade deficit for June was slightly revised to $73 billion from $73.1 billion.

Exports in July were $266.6 billion, $1.3 billion more than in June, while imports were $345.4 billion -- $7.1 billion more than the previous month.

"The July increase in the goods and services deficit reflected an increase in the goods deficit of $5.6 billion to $103.1 billion and a decrease in the services surplus of $0.2 billion to $24.3 billion," the Census Bureau said in a statement.

"Year-to-date, the goods and services deficit increased $36.2 billion, or 7.7 percent, from the same period in 2023. Exports increased $65.9 billion or 3.7 percent. Imports increased $102.1 billion or 4.5 percent," it added.