Background

The monthly U.S. trade deficit in goods and services fell for the third straight month in June to a six-month low as exports increased but imports slipped.

According to statistics from the Department of Commerce, imports were down 0.3 percent from May to June, to $340.4 billion. Imports of goods were down 0.5 percent to $282.5 billion, with decreases of $1.3 billion for passenger cars and $700 million for auto parts but increases of $1.4 billion for computers and $1.0 billion for other petroleum products. Imports of services rose 0.7 percent to $57.9 billion. For the year-to-date, total imports were up 23.3 percent from June 2021.

Exports saw a 1.7 percent increase to a record-high $260.8 billion. Exports of goods were up 1.9 percent, including increases of $1.8 billion for non-monetary gold, $1.6 billion for natural gas, and $900 million for foods, feeds, and beverages along with a decrease of $800 million for civilian aircraft. Services exports edged up 0.9 percent to $77.8 billion. For the year-to-date, total exports were up 20.0 percent from a year earlier.

With exports up but imports down, the monthly U.S. trade deficit fell 6.2 percent in June to $79.6 billion. The deficit in goods trade declined 4.7 percent to $99.5 billion while the services trade surplus was up 1.5 percent to $19.9 billion. For the year-to-date, the overall trade deficit was up 33.4 percent from June 2021.

Country/region

Deficit

% Change

Surplus

% Change

China

$36.9 billion

+14.6

 

 

European Union

$17.6 billion

+2.9

 

 

Vietnam

$11.1 billion

0

 

 

Mexico

$9.7 billion

-2.0

 

 

Canada

$7.3 billion

-25.5

 

 

Ireland

$6.1 billion

+1.7

 

 

Germany

$5.4 billion

-11.5

 

 

India

$5.2 billion

+40.5

 

 

Japan

$4.7 billion

-20.3

 

 

South Korea

$3.7 billion

-9.8

 

 

Taiwan

$3.6 billion

-7.7

 

 

Italy

$3.5 billion

-7.9

 

 

Malaysia

$3.0 billion

+3.4

 

 

Saudi Arabia

$1.9 billion

+35.7

 

 

France

$0.9 billion

+50.0

 

 

Israel

$0.8 billion

+100.0

 

 

United Kingdom

$0.4 billion

Change from $1.6 bn surplus

 

 

South/Central America

 

 

$7.9 billion

+11.3

Netherlands

 

 

$3.0 billion

+20.0

Singapore

 

 

$1.8 billion

+28.6

Hong Kong

 

 

$1.7 billion

-15.0

Brazil

 

 

$1.7 billion

+13.3

Australia

 

 

$1.5 billion

+50.0

Belgium

 

 

$1.0 billion

-9.1

Switzerland

 

 

$0.9 billion

Change from $1.9 bn deficit

 

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