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Financial News: U.S. Trade Deficit Widens Much More Than Expected

U.S. Trade Deficit Widens Much More Than Expected In July

09/03/2020 - 08:41:00 (RTTNews)

(RTTNews) - With imports spiking by more than exports, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened by much more than expected in the month of July.

The Commerce Department said the trade deficit expanded to $63.6 billion in July from a revised $53.5 billion in June.

Economists had expected the trade deficit to widen to $58.0 billion from the $50.7 billion originally reported for the previous month.

The wider than expected deficit came the value of imports surged up by 10.9 percent to $231.7 billion, while the value of exports jumped by 8.1 percent to $168.1 billion.

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