U.S. Trade Deficit with World Up 1.3 Billion in July - Deficit with China Alone Up $1.2 Billion

Craig Bannister | September 7, 2023
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The U.S. goods and services trade deficit was $65.0 billion in July, up $1.3 billion from $63.7 billion in June, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported Wednesday.

In July:

  • Exports were $251.7 billion, up $3.9 billion from June.
  • Imports were $316.7 billion, up $5.2 billion from June.
  • The increase in the goods and services deficit reflected an increase in the goods deficit of $2.0 billion to $90.0 billion and an increase in the services surplus of $0.7 billion to $25.0 billion.


In July, the largest surplus with another nation, $4.5 billion, was with the Netherlands.

Meanwhile, the largest deficit was more than five times that amount: a $24.0 billion deficit with China, a $1.2 billion increase from June. Exports to China increased $0.4 billion to $11.1 billion in July; imports increased $1.6 billion to $35.1 billion.

Thus, while the total U.S. deficit worldwide increased by $1.3 billion in July, the deficit with China alone increased $1.2 billion.

Other notable July deficits were recorded with the European Union ($17.3 billion) and Mexico ($12.8 billion).

In the second quarter of this year, the deficit with China was $65.8 billion. Other significant second-quarter deficits included Mexico ($42.1 billion), the European Union ($30.1 billion), Vietnam ($24.8 billion), Germany ($22.3 billion), Japan ($16.5 billion), Italy ($12.2 billion), India ($11.6 billion), South Korea ($11.2 billion) and Taiwan ($10.6 billion).

Second-quarter results show surpluses of $20.9 billion with South and Central America and $15.5 billion with the Netherlands.

The business and economic reporting of CNSNews is funded in part with a gift made in memory of Dr. Keith C. Wold.