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U.S. Trade Deficit Declines but Shortfalls with China, EU Increase

Monday, August 07, 2017
Sandler, Travis & Rosenberg Trade Report

The U.S. monthly trade deficit in goods and services fell again in June, down 5.8 percent to $43.6 billion. Exports were up 1.3 percent to $194.4 billion and imports slipped 0.2 percent to $238.0 billion. However, for the year to date the U.S. trade deficit is up 10.7 percent over the same period in 2016 as imports (6.9 percent) have risen faster than exports (6.0 percent).

According to Commerce Department statistics, the politically sensitive deficit in goods trade fell 3.1 percent in June to $65.2 billion. Imports of goods were down 0.2 percent to $194.3 billion, including decreases of $1.4 billion in crude oil and $900 million in cell phones and other household goods as well as a $1.3 billion increase in passenger cars. Exports of goods were up 1.3 percent to $129.0 billion, including increases of $800 billion in capital goods, $600 million in soybeans, and $400 million in automobiles and auto parts as well as a $400 million decrease in pharmaceutical preparations.

The services surplus was up 2.9 percent to $21.6 billion. Imports were nearly unchanged at $43.8 billion and exports were up 0.9 percent to $65.4 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$31.3 billion

+4.0

   

European Union

$12.5 billion

+16.8

   

Germany

$5.6 billion

+19.1

Mexico

$5.5 billion

-19.1

   

Japan

$5.5 billion

-14.1

   

Italy

$2.7 billion

+12.5

 

India

$1.9 billion

-5.0

   

South Korea

$1.8 billion

+125

   

Taiwan

$1.7 billion

Unchanged

   

France

$1.1 billion

-35.3

   

Canada

$1.0 billion

-50.0

   

Saudi Arabia

less than $0.1 billion

n/a

   

Hong Kong

$2.9 billion

+26.1

South/Central America

   

$2.6 billion

+8.3

Singapore

   

$0.9 billion

+12.5

Brazil

   

$0.5 billion

-37.5

United Kingdom

   

$0.2 billion

-71.4

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