The U.S. international trade deficit during the month of July was $40.5 billion. That is down from a $40.8 billion deficit in June, and is the lowest the deficit has been since January.
Exports for the month totaled $198.0 billion, up from $196.2 billion. Exports of goods increased to $138.6 billion from $136.8 billion and exports of services increased slightly to $59.4 billion.
Imports for the month totaled $238.6 billion, down from $237.0 billion. Imports of goods increased to $198.8 billion from $197.2 billion and imports of services increased marginally to $39.8 billion.
The chart below shows the rolling 12-month trade balance as a percentage of exports (during the same period) to provide better perspective of the relative size of the deficit over time.