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US trade gap in July climbs to US$42b
Source: Agencies |
September 12, 2012, Wednesday
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THE US trade deficit grew slightly to US$42 billion in July as fewer exports to Europe, India and Brazil offset a steep decline in oil imports.
The US Commerce Department yesterday said the trade deficit rose 0.2 percent from June's deficit of US$41.9 billion.
US exports fell 1 percent to US$183.3 billion. Sales of autos, telecommunications equipment and heavy machinery fell. Imports shed 0.8 percent to US$225.3 billion.
Economists note that the deficit would have grown much faster had it not been for a 6.5 percent drop in oil imports, largely reflecting cheaper global prices. Prices have increased since then, while demand for exports has dampened.
"It won't be long before the deficit widens more significantly as the global slowdown takes a greater toll on US exports," said Paul Dales, senior US economist at Capital Economics. Dales said trade will hurt growth in the second half of this year.
A wider trade gap hinders growth because the US is typically spending more on imports while taking in less from the sales of American-made goods. US growth slowed to a 1.7 percent annual rate in the April-June quarter, well below what is needed to accelerate a slackening job market.
The US exported 0.4 percent more goods to China in July. US imports from the world's second-largest economy rose 5.6 percent. The deficit with China grew 7.2 percent in the month to US$29.4 billion.
The US Commerce Department yesterday said the trade deficit rose 0.2 percent from June's deficit of US$41.9 billion.
US exports fell 1 percent to US$183.3 billion. Sales of autos, telecommunications equipment and heavy machinery fell. Imports shed 0.8 percent to US$225.3 billion.
Economists note that the deficit would have grown much faster had it not been for a 6.5 percent drop in oil imports, largely reflecting cheaper global prices. Prices have increased since then, while demand for exports has dampened.
"It won't be long before the deficit widens more significantly as the global slowdown takes a greater toll on US exports," said Paul Dales, senior US economist at Capital Economics. Dales said trade will hurt growth in the second half of this year.
A wider trade gap hinders growth because the US is typically spending more on imports while taking in less from the sales of American-made goods. US growth slowed to a 1.7 percent annual rate in the April-June quarter, well below what is needed to accelerate a slackening job market.
The US exported 0.4 percent more goods to China in July. US imports from the world's second-largest economy rose 5.6 percent. The deficit with China grew 7.2 percent in the month to US$29.4 billion.
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