WASHINGTON — Fueled by imports growing at a faster rate than exports, July's trade deficit was $62.2 billion, up from $58.8 billion during the previous month, the Commerce Department reported today.
The deficit is the highest in 16 months, according to data released by the department.
The United States exported $168 billion in goods and services in July, compared with $162.8 billion in June.
The country imported $230.3billion in goods and services in July, compared with $221.6 billion in June.
Exports of industrial supplies, automotive vehicles and parts, and consumer goods were among the areas that increased.
Imports of industrial supplies and capital goods increased while imports of automotive vehicles and consumer goods fell.
Exports of business, professional, insurance and transportation caused services exports to rise to $47.4 billion from $46.6 billion.
The rise in imported services to $34.7 billion from $34.2 billion was fueled as it has been in previous months by increases in passenger fares and other private services. The weakness of the dollar triggered reports of record tourists from abroad in the United States this year.
In July, the United States had trade surpluses with Australia, Hong Kong, Singapore and Egypt. But there were trade deficits with China, OPEC, the European Union, Canada, Japan, Korea, Mexico, Nigeria, Taiwan and Venezuela.
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