U.S. Trade Deficit Increased in June
The U.S. goods and services deficit was up $2.9 billion to $43.8 billion in June, from $40.9 billion in May, as exports of capital goods and industrial supplies dropped and imports of consumer goods and pharmaceuticals increased.
The U.S. Census Bureau announcement last week that the net export of goods decreased $0.5 billion in June, with exports capital goods decreasing by $0.8 billion, telecommunications equipment dropping by $0.3 billion, and industrial supplies and materials falling by $0.6 billion. Exports of consumer goods increased by $0.8 billion.
Imports of goods increased by $2.7 billion to $191.1 billion in June, according to th Census Bureau, with consumer goods increasing $1.7 billion, pharmaceuticals by $1.3 billion, industrial supplies and materials by $1.2 billion, and crude oil by $0.9 billion. Imports of capital goods decreased by $1.3 billion in June.
June exports were $188.6 billion, $0.1 billion less than May exports. June imports were $232.4 billion, $2.8 billion more than May imports.
Year-to-date, the goods and services deficit increased $1.6 billion, or 0.6 percent, from the first half of 2014. Exports decreased $33.4 billion or 2.9 percent. Imports decreased $31.8 billion or 2.2 percent.
The June figures show surpluses, in billions of dollars, with South and Central America ($3.5), OPEC ($0.7), and Brazil ($0.6). Deficits were recorded, in billions of dollars, with China ($29.0), the European Union ($13.9), Germany ($6.8), Mexico ($5.4), Japan ($5.2), Canada ($3.1), South Korea ($2.3), Italy ($2.2), France ($1.7), India ($1.6), Saudi Arabia ($0.5), and United Kingdom ($0.2).
The deficit with Canada shifted from a surplus of $0.2 billion in May to a deficit of $3.1 billion in June. Exports decreased $1.1 billion to $23.0 billion and imports increased $2.2 billion to $26.2 billion.
The deficit with Mexico increased $1.3 billion to $5.4 billion in June. Exports increased $0.1 billion to $20.0 billion and imports increased $1.4 billion to $25.5 billion.