The trade deficit in July spiked 18.9 percent to $63.6 billion, the highest since July 2008 during the Great Recession, according to Commerce Department data released Thursday.
Imports spiked $22.7 billion since June, while exports increased by just $12.6 billion.
The deficit, which represents the difference between how much the U.S. bought from abroad and how much it sold abroad, was concentrated in goods, where the deficit rose $9.3 billion to $80.9 billion in July.
The overall deficit was tempered by a surplus in services, which decreased $0.8 billion to $17.4 billion.
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