US trade deficit increased by  24.4% in July due to decline in exports and rise in imports

 
The US trade deficit in goods and services surged 24.4 per cent in July, to 88.6 billion US dollars. That is higher than the upwardly revised figure of 71.2 billion US dollars recorded in June, according to data from the US Bureau of Economic Analysis (BEA) and the US Census Bureau. The increase came as US imports rose, while exports declined. Exports fell 2.1 per cent to 310.7 billion US dollars, while imports climbed 2.8 per cent to 399.3 billion US dollars. 
 
The US also recorded a five-billion-dollar goods trade deficit with India in July. The largest US goods trade deficit was with Mexico, at 27.5 billion US dollars, followed by Vietnam, Taiwan, China, South Korea and the European Union. The services sector provided a relatively small offset to the widening goods deficit. Services exports declined by 0.4 billion billion US dollars to 109.7 billion, while services imports fell by 0.6 billion US dollars to 78.7 billion.