US Merchandise Trade Deficit Hits Record High

The United States merchandise trade deficit increased during July to its second-largest level on record, Bloomberg reported.

As imports returned to their pre-COVID-19 levels, the deficit increased to $79.3 billion in July from a revised $71 billion in June, according to data by the Department of Commerce on Friday.

Imports amounted to $194.3 billion, its highest level since February.

Meanwhile, exports also increased by 11.8% on a monthly basis to $115 billion, reaching its highest level since March.