The U.S. trade deficit widened to $78.3 billion in July 2025, up +32.5% MoM from June’s revised $59.1 billion, as imports rose much faster than exports.

• Exports increased +0.3% MoM (+$0.8 billion) to $280.5 billion, led by gains in capital goods (+$0.6 billion), computer accessories (+$0.9 billion), and nonmonetary gold (+$2.9 billion), partly offset by declines in excavating machinery (-$1.5 billion) and finished metal shapes (-$2.5 billion).

• Imports surged +5.9% MoM (+$20.0 billion) to $358.8 billion, driven by industrial supplies and materials (+$12.5 billion, including +$9.6 billion in nonmonetary gold), capital goods (+$4.7 billion), and consumer goods (+$1.3 billion). Automotive imports fell -$3.2 billion across vehicles, parts, and engines.

• The goods deficit widened by +$18.2 billion to $103.9 billion, while the services surplus narrowed -$1.1 billion to $25.6 billion, reflecting weaker balance support from services.

• In real (2017 dollar) terms, the goods deficit expanded +18.3% MoM to $100.1 billion, as real imports rose +6.6% while real exports slipped -0.2%.

• Year-to-date, the overall trade deficit is up +30.9% YoY (+$154.3 billion), with exports higher by +5.5% and imports by +10.9%.