by Bill McBride on 8/11/2010 08:30:00 AM
Wednesday, August 11, 2010
The Census Bureau reports:
[T]otal June exports of $150.5 billion and imports of $200.3 billion resulted in a goods and services deficit of $49.9 billion, up from $42.0 billion in May, revised.Click on graph for larger image.
The first graph shows the monthly U.S. exports and imports in dollars through June 2010.
Clearly imports are increasing much faster than exports. On a year-over-year basis, exports are up 17% and imports are up 29%. This is an easy comparison because of the collapse in trade at the end of 2008 and into early 2009.
The second graph shows the U.S. trade deficit, with and without petroleum, through June.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
The increase in the deficit in June was unrelated to oil as the trade gap with China increased to $26.15 billion in June - the highest level since October 2008 and up sharply from last year. Once again the imbalances have returned ...
Posted by Bill McBride on 8/11/2010 08:30:00 AM