US trade deficit gap reaches levels not seen since 2008

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While some optimists still forecast a V-shaped economic recovery, the incoming data increasingly points to a rather different path.

According to the latest report released by the US Census Bureau, the country’s trade deficit reached $ 63.6 billion in July, an increase of nearly 19% from the previous month. This is the largest trade deficit since the 2008 financial crisis, with exports up 8.1% to $ 168.1 billion and imports up 10.9% to a total of 231.7%. billions of dollars.

This means that trade in goods has fallen to its lowest level in almost 20 years and services have fallen by most since August 2012. The total value of US imports and exports has reached $ 399.8 billion. , which is still significantly below pre-pandemic levels. . According to Bloomberg, the sudden increase in the deficit gap suggests that a recovery in the US economy will not be continuous, but rather will occur in small spurts. Although trade volumes have increased from low levels in May, they are still significantly lower than pre-pandemic levels.

Information for this briefing was found through the US Census Bureau and Bloomberg. The author has no title or affiliation related to this organization. Not a buy or sell recommendation. Always do additional research and consult a professional before purchasing a title. The author does not hold any license.


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