Imports increase at record-breaking levels.
The Department of Commerce released its data on the relationship between the United States imports and exports on Thursday. The trade deficit is the difference between the value of imports and exports of the country. The Commerce Department determined that the nation saw the largest one-month increase in the country’s trade deficit since 2008, increasing 18.9% higher than June.
July’s deficit was $63.6 billion, up $10.1 billion from June’s $53.5 billion deficit. Though the relationship between imports and exports grew wider, the nation did not export fewer goods in July, with the increase being largely due to a record-breaking month of imports. $231.7 billion of goods were imported in July – up 10.9% from June’s imports. U.S. officials anticipate the gap to decrease markedly as the nation recovers from the pandemic.
As the Lord Leads, Pray with Us…
- That God would lead the Commerce Department to accurately measure the nation’s economy.
- For the Trump Administration to strike the best balance between imports and exports.
- That the U.S. economy would continue to recover from the pandemic.
Sources: AP
