Friday, August 12, 2005

U.S. Trade Deficit: $58.8 Billion for June

by Bill McBride on 8/12/2005 08:47:00 AM

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis released the monthly trade balance report today for June:

"... total June exports of $106.8 billion and imports of $165.6 billion resulted in a goods and services deficit of $58.8 billion, $3.4 billion
more than the $55.4 billion in May, revised.

June exports were virtually unchanged from May, and June imports were $3.4 billion more than May imports of $162.2 billion."
Note: all numbers are seasonally adjusted.

Click on graph for larger image.

June 2005 was only 7% worse than June 2004. For the first six months of 2005, the trade deficits is up 18% over the same period in 2004.

Imports from China were a record $20.988 Billion. And Imports from Japan rebounded to $11.989 Billion.

The average contract price for oil of $44.40 was just below the record of $44.76 in April.

Based on initial data, the trade deficit for July will be close to the seasonally adjusted record of $60.1 Billion set in February.