Background

The U.S. trade deficit in goods and services hit an all-time high in June, rising 6.8 percent from a month earlier to $75.7 billion. According to trade statistics from the Department of Commerce, imports rose 2.2 percent to $283.4 billion while exports edged up 0.6 percent to $207.7 billion, the second straight month that figure has hit a new record.

The year-to-date deficit was up 46.4 percent from June 2020 (when trade volumes were significantly lower in the early stages of the COVID-19 pandemic) as exports increased 14.3 percent and imports jumped 21.3 percent.

The deficit in goods trade increased 4.5 percent in June to $93.2 billion, the largest on record, as both imports and exports hit record highs. Imports of goods rose 1.8 percent to $239.1 billion, including increases of $1.2 billion in non-monetary gold, $800 million in capital goods, and $500 million in finished metal shapes along with decreases of $800 million in pharmaceutical preparations and $700 million in cotton apparel and household goods. Exports of goods gained 0.2 percent to $145.9 billion, including an increase of $1.6 billion in crude oil along with a $500 million decrease in soybeans.

The services surplus fell 3.9 percent to $17.4 billion, with imports up 3.7 percent to $44.3 billion and exports up 1.5 percent to $61.8 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$27.0 billion

-0.7

 

 

European Union

$19.6 billion

+5.9

 

 

Mexico

$7.2 billion

-6.5

 

 

Germany

$6.3 billion

+1.6

 

 

Canada

$5.5 billion

+14.6

 

 

Japan

$4.9 billion

-16.9

 

 

Italy

$3.7 billion

+15.6

 

 

India

$3.5 billion

+40.0

 

 

Taiwan

$3.3 billion

0

 

 

South Korea

$2.8 billion

+21.7

 

 

France

$1.9 billion

+26.7

 

 

Saudi Arabia

$0.3 billion

0

 

 

United Kingdom

<$0.1 billion

Shift from $1 billion surplus

 

 

South/Central America

 

 

$4.5 billion

+12.5

Hong Kong

 

 

$1.7 billion

-37.0

Brazil

 

 

$1.5 billion

+25.0

Singapore

 

 

$0.6 billion

+500

 

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