Key Highlights

  • US exports fell 2.1% month-over-month to $310.7 billion in July 2026, marking a third consecutive monthly decline and the lowest value since January.
  • Crude oil exports fell $4.5 billion and nonmonetary gold exports declined $3.9 billion, together driving the bulk of the overall export decline.
  • Capital goods exports rose $1.9 billion and pharmaceutical preparations increased $1.0 billion, providing a partial offset to the broader decline.
  • Exports went mostly to the European Union at $36.5 billion, Mexico at $32.6 billion, and Canada at $29.25 billion, while exports to China totaled $10.3 billion.

A Third Straight Month of Declining Exports

Exports from the United States declined 2.1% month-over-month to $310.7 billion in July 2026, marking a third consecutive monthly fall and the lowest export value recorded since January, according to data from the Census Bureau and the Bureau of Economic Analysis. The persistent decline suggests softening momentum in US shipments abroad even as domestic Demand for imported goods has continued to strengthen over the same period.

Exports of goods fell $6.2 billion to $201.0 billion for the month, with the decline concentrated heavily in industrial supplies and materials, which dropped $8.7 billion. Within that category, Crude Oil exports fell $4.5 billion and nonmonetary gold exports declined $3.9 billion, together accounting for the majority of the month's overall export weakness.

Services Exports Also Edge Lower

Beyond goods, exports of services fell $0.4 billion to $109.7 billion in July. Declines were recorded across several categories, including travel, down $0.6 billion, financial services, down $0.3 billion, and transport, down $0.2 billion. These losses were only partially offset by gains in charges for the use of intellectual property, up $0.4 billion, and other Business services, up $0.2 billion.

Pockets of Strength Amid the Broader Decline

Despite the overall drop, certain categories of goods exports posted gains. Capital Goods exports rose $1.9 billion, and pharmaceutical preparations increased $1.0 billion, while consumer goods exports climbed $1.7 billion. These increases suggest that demand for certain higher-value US manufactured and pharmaceutical products remained resilient even as broader Commodity exports, particularly energy and precious metals, weighed on the overall total.

The European Union, Mexico, and Canada Remain Top Destinations

Exports went mostly to the European Union, at $36.5 billion, Mexico, at $32.6 billion, and Canada, at approximately $29.25 billion. Exports to China totaled $10.3 billion for the month, a comparatively modest figure that reflects the ongoing complexity of the US-China trade relationship amid continued Tariff and trade policy tensions between the two countries.

A Trend Worth Watching Heading Into the Fall

Three consecutive months of declining exports raises questions about whether the recent softness reflects temporary factors, such as the pullback in crude oil and gold shipments, or a more durable shift in global demand for US goods and services. With the Trade Deficit already widening sharply in July on the back of both falling exports and rising imports, the trajectory of export performance in the coming months will likely be closely watched as an indicator of how US trade competitiveness is holding up amid ongoing geopolitical and tariff-related headwinds.