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The US trade deficit widened unexpectedly to a
record 21-month high in June, as imports from its largest trading partners
jumped.
The US Census Bureau and the US Bureau of
Economic Analysis, through the Department of Commerce, announced today that
total June exports of $150.5bn and imports of $200.3bn resulted in a goods and
services deficit of $49.9bn, up from $42.0bn in May, revised. June exports were $2.0bn less than May exports of $152.4bn.
June imports were $5.9bn more than May imports of $194.4bn.
In June, the goods deficit increased $7.7bn from May to $62.0bn, and the
services surplus decreased $0.2bn to $12.1bn. Exports of goods decreased
$2.3bn to $105.0bn, and imports of goods increased $5.4bn to $167.0bn.
Exports of services increased $0.3bn to $45.5bn, and imports of services
increased $0.6bn to $33.3bn. The goods and services deficit increased $22.8bn
from June 2009 to June 2010. Exports were up $22.6bn, or 17.7%, and
imports were up $45.3bn, or 29.2%.
Exports: Exports of goods and services decreased $2.0bn
in June to $150.5bn, reflecting a decrease in goods exports.
Services exports increased.
The decrease in goods exports
was more than accounted for by decreases in capital goods and
industrial supplies and materials.
The increase in services exports
was mostly accounted for by increases in travel, other
transportation (which includes freight and port services), and other
private services (which includes items such as business, professional,
and technical services, insurance services, and financial services).
Imports: Imports of goods and services increased $5.9bn in June
to $200.3bn, mostly reflecting an increase in goods imports.
Services imports also increased.
The increase in goods imports
was mostly accounted for by increases in consumer goods and
automotive vehicles, parts, and engines.
The increase in services imports
was mostly accounted for by increases in other transportation and
royalties and license fees (which included payments for rights related
to the 2010 soccer World Cup).
Goods by geographic area (not seasonally adjusted)
The goods deficit with China
increased from $22.3bn in May to $26.2bn in June. Exports were virtually
unchanged at $6.7bn, while imports increased $3.8bn to $32.9bn.
The goods deficit with Canada
increased from $2.3bn in May to $2.6bn in June. Exports increased $0.8bn to
$22.2bn, while imports increased $1.1bn to $24.8bn.
The goods deficit with the
European Union increased from $6.2bn in May to $7.8bn in June. Exports
increased $1.0bn to $20.4bn, while imports increased $2.6bn to $28.1bn.
The goods surplus with Brazil
decreased from $1.1bn in May to $0.8bn in June. Exports increased $0.1bn to
$3.0bn, while imports increased $0.4bn to $2.2bn.
