Earlier from the Department of Commerce reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $39.5 billion in July, down $5.2 billion from $44.7 billion in June, revised. July exports were $186.3 billion, $3.4 billion more than June exports. July imports were $225.8 billion, $1.8 billion less than June imports.
The trade deficit was smaller than the consensus forecast of $41.3 billion.
The first graph shows the monthly U.S. exports and imports in dollars through July 2016.
Imports decreased and exports increased in July.
Exports are 13% above the pre-recession peak and down 2% compared to July 2015; imports are also down 2% compared to July 2015.
It appears trade might be picking up a little.
The second graph shows the U.S. trade deficit, with and without petroleum.
Oil imports averaged $41.02 in July, up from $39.38 in June, and down from $54.20 in July 2015. The petroleum deficit has generally been declining and is the major reason the overall deficit has declined a little since early 2012.
The trade deficit with China decreased to $30.3 billion in July, from $31.7 billion in July 2015. The deficit with China is a substantial portion of the overall deficit.