By: Rebecca DeNale
The Nation’s international trade deficit in goods and services increased to $53.1 billion in June from $50.8 billion (revised) in May, as exports decreased more than imports. In June exports of goods and services declined $4.1 billion to $170.9 billion while imports decreased $1.9 billion to $223.9 billion.
June’s trade activity on a Balance of Payment (BOP) basis created several noteworthy highlights. The June goods and services deficit ($53.1 billion) and the goods deficit ($67.6 billion) were the highest since October 2008 ($59.5 billion and $70.0 billion). June imports of services ($35.1 billion) were the highest since August 2008 ($35.2 billion).
Trade of goods on a Census Basis (seasonally adjusted) produced record highs in June. Imports of foods, feeds, and beverages ($9.2 billion) and exports of consumer goods ($15.0 billion) were the highest on record.
The earthquake and resulting tsunamis that hit Japan in March began affecting trade between the U.S. and Japan in April. While exports to Japan remained steady in the months since, imports from Japan decreased by $3.0 billion to $8.8 billion in April, and then decreased again by $0.5 billion to $8.3 billion in May. June saw the first increase in imports from Japan since March; we imported $9.5 billion in June, an increase of $1.1 billion from May.