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U.S. goods trade deficit with 13 key Asia-Pacific economies reached a record $99.3 billion in July

The U.S. goods trade deficit with 13 key Asia-Pacific economies reached a record $99.3 billion in July. This figure reflects a continued climb in imports from the region, despite efforts by the administration to reduce inbound shipments.

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The overall goods and services deficit for the United States was $88.6 billion in July, an increase of $17.4 billion from the revised June figure. This total was driven by a $17.6 billion increase in the goods deficit, which rose to $119.6 billion, and a $0.2 billion increase in the services surplus. While the goods deficit with the Asia-Pacific region grew, total U.S. exports of goods decreased by $6.2 billion to $201.0 billion in July. Conversely, imports of goods increased by $11.4 billion to $320.6 billion. The data shows that Vietnam recorded a significant deficit for the U.S., with the imbalance widening to a record $24.8 billion.

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