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UMC View-Trade in USAThe U.S. trade deficit in July fell from a record high a month ago, partly due to the decline in consumer goods imports due to supply chain problems and the shift of consumer spending to services. According to the data released by the U.S. Department of Commerce on Thursday, the trade deficit in goods and services narrowed by 4.3% to .1 billion in July, less than the revised .2 billion in June. Economists surveyed estimated a median deficit of .9 billion.
Imports of goods and services decreased by 0.2% to US 2.9 billion. Exports grew by 1.3% to US 2.8 billion, the highest level since 2019. Although the surge in household demand for goods and the stable demand for equipment by enterprises led to an extremely low inventory earlier this year, the reopening of the economy is gradually boosting the demand for services. At the same time, it has been difficult for domestic manufacturers to increase their output, because the logistics bottleneck has led to the synchronization of the global supply chain, insufficient port preparation, shortage of various materials and soaring freight.