July 2020 trade balance data

  • Worst since July 2008
  • Prior was -$50.7B (revised to -$53.5B)
  • Exports +8.1% m/m
  • Exports -25.2% y/y
  • Imports +10.9% m/m
  • Imports -12.9% y/y
  • Goods deficit $90.5B
  • Services surplus $17.35B
  • Full report

That's a hefty miss and will add some downside into Q3 GDP forecasts.