By: John Sperry
In June, the Nation’s international trade deficit decreased to $34.2 billion from $44.1 billion in May (revised), as exports increased and imports declined. Exports increased $4.1 billion to a record high $191.2 billion primarily due to increases in industrial supplies and materials ($1.5 billion) and capital goods, ($1.5 billion) which also set a record high ($46.2 billion). Imports decreased $5.8 billion to $225.4 billion, primarily driven by decreases in industrial supplies and materials ($2.5 billion) and consumer goods ($1.6 billion). Following two months of increases in petroleum imports, June petroleum imports ($29.0 billion) contributed to the lowest petroleum deficit ($17.4 billion) since August 2009 ($17.3 billion).
Second Calendar Quarter Sets Export Records
With the highest on record goods ($134.3 billion) and services ($56.9 billion) exports in June, the second calendar quarter of the year closed with both record high exports of goods ($395.7 billion) and services ($170.1 billion). As seen in the graph, these quarterly records led to the highest quarter exports on record ($565.8 billion). For more historical trade data visit our website.