International Trade Balance Widened in June

The international trade deficit widened in June to $44.5 billion, up $3.6 billion from May, according to the U.S. Census Bureau and the Bureau of Economic Analysis. The widening of the deficit was driven by a $4.2 billion increase in imports, partially offset by a $0.6 billion increase in exports.

The goods deficit increased $3.8 billion to $66.0 billion, while the services surplus increased $0.3 billion to $21.5 billion. The petroleum deficit widened to by $2.5 billion to $9.7 billion.

Exports of goods increased $0.5 billion to $120.4 billion in June, driven by an increase in exports of both food and consumer goods. Exports of services increased $0.1 billion, primarily due to increases in financial services and travel-related exports.

Imports of goods increased $4.4 billion to $186.4 billion on account of industrial supplies and materials, along with increased consumer and capital goods. Imports of services fell $0.2 billion to $41.2 billion on account of travel and transport.

Read the Census/BEA release.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
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