Commerce Department Reports Trade Deficit Decline

Officials add 1.42 percentage points to GDP in second quarter.

 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced this week that America’s trade deficit reduced by $10.2 billion in the month of July, falling to $70.6 billion after recording $80.9 billion in the month of June. The exports of goods and services raised by 0.2% while imports fell by 2.9%, showing slow growth in the gross domestic product (GDP).

Trade added 1.42% in growth to America’s GDP this quarter, the first time it has increased in seven quarters. The nation’s GDP rose overall because of this, despite a dip in economic activity within the country itself. Though the U.S. experienced a trade deficit reduction in July, the trade deficit has increased by 29% in the year-to-date data; exports have increased by 19.9% while imports have increased by 22.1%.

As the Lord Leads, Pray with Us…

  • For Director Santos as he provides data from the Census Bureau.
  • For Acting Director Bohman as she oversees the Bureau of Economic Analysis.
  • For Commerce Department officials as they work with the U.S. trade representative and other agencies to determine the trade deficit.

Sources: Bureau of Economic Analysis, Reuters


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