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The U.S. goods and services trade deficit narrowed on month in July in part because June’s total was revised sharply upward. America’s trade deficits in manufacturing and with the European Union both set their second straight monthly records, with the former headed for its third consecutive yearly all-time high. China’s mounting economic ills, meanwhile, are not preventing the PRC from staying on track to rack up yet another annual goods trade surplus of its own with the United States.

Here are selected highlights of the latest monthly (July) trade figures released this morning by the Census Bureau:

>The total U.S. trade deficit for July fell to its lowest monthly level in five months, though the improvement was partly offset by a unusually large upward revision in the June figure, and new monthly record deficits were set in the manufacturing sector and in goods with the European Union (EU).

>The July combined goods and services deficit of $41.86 billion was the nation’s lowest since February’s $38.54 billion, and came in 7.39 percent below June’s $45.21 billion. But the June reading was revised up an unusually large 3.12 percent, from the initially reported $43.84 billion. June exports were lower than first estimated, and June imports higher.

>The U.S. deficit in manufactures trade set its second straight monthly record in July, with the $73.58 billion shortfall exceeding the old June mark of $72.71 billion by 1.20 percent.

>U.S. manufacturing exports dropped 5.29 percent in July, from $97.52 billion to $92.36 billion. Manufactures imports fell by only 2.52 percent, from $170.23 billion to $165.94 billion.

>As a result, on a year-to-date basis, American manufacturing stayed on target for its third straight record annual trade deficit. Between last January and July, the manufacturing trade deficit totalled  $406.57 billion. This year’s comparable total of $466.62 billion is 14.66% greater  .

>Year to date manufacturing exports are down 4.93 percent, from $690.36 billion to $656.33 billion. Manufacturing imports are up 2.37 percent, from $1.09693 trillion to $1.12294 trillion.

>The July U.S. goods trade shortfall with the European Union rose to $15.18 billion in July – a mark that topped June’s previous record $14.45 billion by 5.03 percent. U.S. merchandise exports to this economically troubled group of countries sank by 5.33 percent, from $22.91 billion to $21.69 billion, while American merchandise imports dipped by 1.32 percent, from $37.36 billion to $36.87 billion.

>On a year-to-date basis, the goods trade gap with the EU has risen by 7.21 percent so far this year, from $80.95 billion to $86.79 billion.

>The July figures showed that total U.S. exports reversed two straight months of decreases, and advanced by 0.43 percent on month, from a downwardly revised $187.69 billion to $188.50 billion. U.S. imports declined by 1.09 percent from an upwardly revised $232.90 billion to $230.36 billion, their lowest level since February.

>Through the first seven months of this year, the combined U.S. trade deficit is running 3.59 percent ahead of last year’s January-July total.

>The U.S. oil trade deficit jumped for the second straight month in July, by 11.10 percent to $8.11 billion – the second highest figure for this year. But this shortfall is still less than half as large as last year’s on a year-to-date basis.

>The non-oil goods deficit dropped by 7.08 percent, to $51.13 billion, but is still running 21.81 percent ahead of 2014’s January-July figure.

>The U.S.-China merchandise trade deficit reached $31.58 billion in July – just 0.38 percent higher than the June figure but its highest total of this year, and the biggest since last October.

>American goods exports to China decreased by 1.93 percent on month, from $9.69 billion to $9.50 billion. U.S. merchandise imports from the PRC were off only fractionally, to $41.08 billion.

>On a year-to-date basis, the U.S. merchandise trade deficit with China is currently 8.55 percent higher than last year’s record level. U.S. goods exports to the slowing PRC economy are down 3.57 percent during this period, but U.S. goods imports are 5.32 percent greater.

>The U.S. goods trade gap with Korea – whose bilateral KORUS agreement with the United States is a model for President Obama’s prospective Trans-Pacific Partnership trade deal – rose by another 6.35 percent on month in July. U.S. exports were down and imports were up compared with June’s figures.

>Since the trade deal went into effect in March, 2012, the American merchandise trade deficit with Korea has surged by nearly 375 percent on a monthly basis.

>One bright spot in the July trade report came in high tech goods trade. The U.S. deficit fell on month by 15.93 percent, from $8.80 billion to $7.40 billion. Both exports and imports declined.

>On a year-to-date basis, however, the high tech goods deficit is running 5.68 percent ahead of last year’s pace.

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