US Trade Deficit Widens in June
The goods and services deficit in the US was $43.8 billion in June, up $2.9 billion or 7.1 percent from $40.9 billion in May as strong dollar weighed on exports and boosted imports.
Exports were little changed at $188.6 billion compared with $188.7 billion in May. Exports of goods decreased $0.2 billion to $127.6 billion. Capital goods decreased $0.8 billion. Telecommunications equipment decreased $0.3 billion. Industrial supplies and materials decreased $0.6 billion. Finished metal shapes decreased $0.3 billion. Consumer goods increased $0.8 billion. Net balance of payments adjustments increased $0.2 billion. Exports of services increased $0.1 billion to $61.0 billion in June.
In June, imports increased 1.2 percent to $232.4 billion. Imports of food and automobiles were the highest on record. Imports of goods increased $2.7 billion to $191.1 billion. Consumer goods increased $1.7 billion. Pharmaceutical preparations increased $1.3 billion. Industrial supplies and materials increased $1.2 billion. Crude oil increased $0.9 billion. Capital goods decreased $1.3 billion. Net balance of payments adjustments increased $0.1 billion. Imports of services increased $0.1 billion to $41.4 billion.
Exports to the European Union fell 2.3 percent, while imports surged 4 percent to a record high making the trade deficit with the EU at an all-time high. Exports to Canada declined 0.1 percent. Exports to Mexico rose solidly, by imports reported stronger gain, puting the trade gap with Mexico at the highest level since May 2012. Exports to China increased 10.6 percent, while imports rose 4.9 percent putting the trade deficit at $31.5 billion, up 3.3 percent.
Year-to-date, the goods and services deficit increased $1.6 billion, or 0.6 percent, from the same period in 2014. Exports decreased $33.4 billion or 2.9 percent. Imports decreased $31.8 billion or 2.2 percent.
8/5/2015 1:54:47 PM