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Trade Deficit Sees Small Decline as Exports Tumble

Monday, August 05, 2019
Sandler, Travis & Rosenberg Trade Report

The U.S. trade deficit in goods and services edged down 0.4 percent in June, according to trade statistics released Aug. 2 by the Department of Commerce. The monthly deficit of $55.2 billion reflected a 2.1 decrease in exports to $206.3 billion and a 1.7 percent decrease in imports to $261.5 billion. For the year to date the deficit was up 7.9 percent from the same period in 2018, with imports up 1.5 percent but exports up less than 0.1 percent, as the Trump administration’s trade restrictions continue to impact global trade patterns.

The deficit in goods trade fell 1.1 percent to $75.1 billion in June. Imports of goods were down 2.2 percent to $212.3 billion, including decreases of $1.4 billion in crude oil, $1.4 billion in cell phones and other household goods, and $1.0 billion in other petroleum products. Exports of goods tumbled 2.8 percent to $137.1 billion, including decreases of $800 million in gem diamonds, $500 million in pharmaceutical preparations, and $400 million each in jewelry, computer accessories, and passenger cars.

The services surplus fell 2.9 percent to $20.0 billion. Imports were up 0.2 percent to $49.2 billion while exports were down 0.7 percent to $69.2 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$30.2 billion

+0.3

   

European Union

$15.9 billion

-5.9

   

Mexico

$9.2 billion

+1.1

   

Japan

$6.2 billion

+3.3

   

Germany

$5.2 billion

-10.3

   

Canada

$3.3 billion

-8.3

Italy

$2.6 billion

0

   

France

$1.9 billion

-9.5

   

Taiwan

$1.7 billion

+13.3

   

India

$1.6 billion

-15.8

   

South Korea

$1.4 billion

0

   

Saudi Arabia

$0.3 billion

Shift from <$0.1 billion surplus

Singapore

$0.1 billion

Shift from $0.6 billion surplus

   

South/Central America

   

$4.8 billion

+17.1

Hong Kong

   

$2.3 billion

-11.5

Brazil

   

$1.3 billion

+160

United Kingdom

   

$0.1 billion

0

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