PNC economist Abbey Omodunbi


The goods trade deficit contracted for the fourth straight month in July. The goods trade deficit shrank 9.7% to $89.1 billion last month from $98.6 billion in June, according to data from the U.S. Department of Commerce. Nominal goods exports fell 0.2% on the month while nominal goods imports fell 3.5%.

Industrial supplies (including petroleum and petroleum products) exports fell 2.3% over the month, consumer goods fell 3.4%, and automotive goods were up 6.3%. Food and beverage exports were down 8.1% and capital goods exports increased 4.4%. Nominal goods exports in July were up 22.9% from a year ago.

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