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U.S. trade gap widens
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September 17, 1998: 9:13 a.m. ET
July trade deficit rises to $13.9 billion, but beats economists' forecasts
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NEW YORK (CNNfn) - The U.S. trade gap widened in July for the third time in the last four months, though not nearly as much as expected, the Commerce Department reported Thursday.
The trade deficit climbed 2.1 percent to $13.9 billion, compared with June's $13.6 billion. Economists had forecast a July trade gap of $15.4 billion.
The trade deficit, which measures the monthly excess of imports over exports, had narrowed in June after expanding for two consecutive months.
The bond market was up sharply. The benchmark 30-year Treasury gained 23/32 in price for a yield of 5.17 percent.
Total July imports fell 0.8 percent to $89.3 billion, the lowest level since November 1997, while exports slipped 1.3 percent to $75.4 billion, the lowest level since February 1997.
The trade gap for goods climbed $400 million to $20.9 billion, caused mostly by a $900 million decline in automotive vehicles, parts and engines. The services surplus rose $100 million to $7 billion.
By individual nations, the U.S. trade deficit with Japan fell 1.5 percent to $5.2 billion, while the gap with Mexico narrowed 28.8 percent to $1.1 billion.
The trade gap with China, however, soared 15.1 percent to $5.42 billion, the highest level since last September. The gap with Canada jumped 83.2 percent to $1.9 billion. 
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Commerce Department
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