Despite the wider deficit, economists expect trade to be positive to growth in the third quarter. U.S. exports are being helped by a rebound in global growth and a weaker dollar. Economists note that the wider deficit in July follows a sharp narrowing in June, when the overall trade deficit slumped to an eight-month low, which should help smooth the quarterly impact.
U.S. trade deficit widens in July, advance report shows
An early look at U.S. trade patterns in July points to a wider deficit. The advanced trade gap in goods — services are excluded — widened by nearly 1.8% to $65.1 billion in July, the Commerce Department said Monday. Both exports and imports declined, but exports dropped at a faster pace. Economists surveyed by MarketWatch expected a goods trade deficit of $64.6 billion. The government will release overall trade numbers, including services, for July next week, but the size of the trade deficit is generally tied to changes in exports and imports of goods. Trade patterns involving services rarely change much from month to month.
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