The US Census Bureau and the US Bureau of Economic Analysis reported Thursday that total July exports of $178 billion and imports of $222.8 billion resulted in a goods and services deficit of $44.8 billion, down from a trade deficit of $51.6 billion in June.
The narrowed trade deficit was led by a $6.2 billion increase in exports in July over June. July imports were $0.5 billion less than June imports of $223.4 billion.
US goods and services exports in the first seven months of 2011 are up 16 percent to $1,209 billion compared to $1,042 billion in exports for the first seven months of 2010 according to a release Thursday by US Commerce Secretary Rebecca Blank.