U.S. trade deficit widens in July as imports rise and exports fall
The U.S. goods and services trade gap widens to $88.6 billion in July from a revised $71.2 billion in June. The increase reflects higher goods imports and lower exports, while the year-to-date deficit remains below the same period of 2025.
Highlights
- U.S. July trade deficit widens to $88.6 billion, up $17.4 billion from June, as imports climb $10.8 billion and exports fall $6.6 billion.
- Goods deficit rises $17.6 billion to $119.6 billion in July, partially offset by a $0.2 billion increase in the services surplus to $31.0 billion.
- Year-to-date 2026 goods and services deficit shrinks by $188.4 billion, or 29.6 percent, from 2025, despite the recent monthly gap widening.
July trade balance shifts on goods flows
According to Bureau of Economic Analysis, citing the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the July deficit reaches $88.6 billion, up $17.4 billion from June on a revised basis.July exports total $310.7 billion, down $6.6 billion from June, while imports rise $10.8 billion to $399.3 billion. The wider gap reflects a $17.6 billion increase in the goods deficit to $119.6 billion, partly offset by a $0.2 billion increase in the services surplus to $31.0 billion.
Exports of goods fall $6.2 billion to $201.0 billion in July, and exports of services decline $0.4 billion to $109.7 billion. On the import side, goods imports increase $11.4 billion to $320.6 billion, while services imports decrease $0.6 billion to $78.7 billion.
Year-to-date deficit remains below 2025 levels
Despite the July deterioration, the year-to-date goods and services deficit decreases by $188.4 billion, or 29.6 percent, from the same period in 2025. Exports increase by $237.2 billion, or 12.0 percent, while imports rise by $48.8 billion, or 1.9 percent.For the three months ending in July, the average goods and services deficit increases by $11.9 billion to $78.5 billion. The figures point to a near-term widening in the monthly trade gap even as the broader 2026 trend remains below last year's level.
The U.S.–Canada tariff dispute and the Trump administration’s proposed changes to beef import tariffs have been raising political and economic stakes, with lawmakers warning about higher consumer costs and pressure on key domestic industries. Our earlier coverage noted that renewed tariff signals—alongside preparations for additional measures such as semiconductor tariffs—were increasing investor unease and keeping Canada in focus as a key flashpoint after trade talks broke down.
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