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Trade Deficit Up Again as Imports and Exports Both Increase

Monday, August 08, 2016
Sandler, Travis & Rosenberg Trade Report

Trade statistics released Aug. 5 by the Department of Commerce show that the U.S. monthly trade deficit in goods and services rose 8.8 percent in June to $44.5 billion. Exports edged up 0.3 percent to $183.2 billion while imports gained 1.9 percent to $227.7 billion. For the year-to-date the deficit is up 2.3 percent from 2015 due to a 4.7 percent fall in exports and a 4.3 percent drop in imports.

The goods deficit increased 6.1 percent in June to $66.0 billion. Imports of goods were up 2.4 percent to $186.4 billion, including increases of $1.4 billion in crude oil, $1.4 billion in drugs and $1.1 billion in cell phones and other household goods. Exports of goods were up 0.4 percent to $120.4 billion, with increases of $1.1 billion in civilian aircraft, $300 million in corn, $200 million in wheat and $200 million in artwork, antiques, stamps and other collectibles.

The services surplus rose 1.4 percent to $21.5 billion. Imports lost 0.5 percent to $41.2 billion while exports gained 0.2 percent to $62.8 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$28.0 billion

-1.1

European Union

$12.7 billion

+6.7

Japan

$6.0 billion

+20.0

   

Germany

$5.6 billion

+1.8

   

Mexico

$4.7 billion

-14.5

 

South Korea

$2.5 billion

+25.0

Italy

$2.3 billion

-11.5

India

$2.0 billion

-5.0

France

$1.6 billion

+45.5

Taiwan

$1.1 billion

-8.3

Canada

$0.6 billion

-33.3

Saudi Arabia

$0.5 billion

+150

United Kingdom

$0.2 billion

-33.3

Hong Kong

$2.6 billion

+36.8

South/Central America

$2.3 billion

-20.7

Singapore

$0.4 billion

-20.0

Brazil

$0.4 billion

-20.0

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