The US Census Bureau and the US Bureau of Economic Analysis announced Tuesday that total July exports of $183.3 billion and imports of $225.3 billion resulted in a goods and services deficit of $42 billion, up from $41.9 billion in June. Both exports and imports slowed in July, with exports falling $1.9 billion or 1 percent and imports declining by $1.8 billion or 0.8 percent.
In July, the goods deficit decreased $0.2 billion from June to $57.3 billion, and the services surplus decreased $0.3 billion from June to $15.3 billion. Exports of goods decreased $1.9 billion to $130.8 billion, and imports of goods decreased $2.1 billion to $188.1 billion. Exports of services were virtually unchanged at $52.5 billion, and imports of services increased $0.3 billion to $37.2 billion.
Also Tuesday, Statistics Canada said that merchandise exports fell 3.4 percent and imports decreased 2.2 percent in July. As a result, Canada's trade deficit with the world expanded from $1.9 billion in June to $2.3 billion in July. Exports fell to $37.7 billion as volumes decreased 2 percent. Energy products were the main contributor to the fall in exports. Imports decreased to $40.1 billion, mainly as a result of lower imports of energy products as well as machinery and equipment. Both volumes (1.2 percent) and prices (1 percent) declined.