The U.S. Commerce Department said the nation’s exports of goods and services increased from $182.9 billion in June to $186.3 billion in July, the largest monthly increase since the February-March 2014 period.
The Commerce Department said U.S. exports of goods and services reached $186.3 billion in July, up from $182.9 billion the previous month.
The June-July export value bump is also considered the largest monthly increase since the February-March 2014 period, which contributed a nearly 12 percent improvement in the monthly trade balance, the department said.
In specific, exports of food, feed and beverages in July increased 34 percent from June to a record $14.7 billion. Monthly export records were also seen in travel services ($17.5 billion), and telecommunications, computer and information services ($3.2 billion).
Commerce said, “year-to-date, the United States has improved its trade balance in goods with China, Canada and the European Union.”
The Obama administration is still promoting the benefits to the U.S. trade if Congress should approve the recently negotiated Trans-Pacific Partnership (TPP), a sweeping trade agreement between the United States and 11 other Pacific Rim countries.
The administration often cites a report produced by the Peterson Institute for International Economics, which states that if TPP is delayed by just one year, the United States will see an estimated one-time national loss of $94 billion. “That translates to a loss of $700 on average for every U.S. household,” Commerce said.
However, TPP’s approval by the United States looks increasingly unlikely as both Democratic and Republican presidential nominees have vowed to stop it.
U.S. exports reach $186.3b in July
