by Calculated Risk on 8/11/2011 09:15:00 AM
Thursday, August 11, 2011
Trade Deficit increased in June
The Department of Commerce reports:
[T]otal June exports of $170.9 billion and imports of $223.9 billion resulted in a goods and services deficit of $53.1 billion, up from $50.8 billion in May, revised. June exports were $4.1 billion less than May exports of $175.0 billion. June imports were $1.9 billion less than May imports of $225.8 billion.The trade deficit was well above the consensus forecast of $48 billion.
The first graph shows the monthly U.S. exports and imports in dollars through June 2011.
![U.S. Trade Exports Imports](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizLZNxob1ylyUMSoW5otUDnyBJezeFirymk_jcbA-JjkK6_hado5QtClYWOqcF1e-lkRSHn6gym2vVsdfc6k2FT5wDMORrvn1Kx8ZkDXswprj_VLadPssl8nE529nVS5pbS8rjjg/s320/TradeBalanceJune2011.jpg)
Both exports and imports decreased in June (seasonally adjusted). Exports are well above the pre-recession peak and up 13% compared to June 2010; imports are almost back to the pre-recession peak, and up about 13% compared to June 2010.
The second graph shows the U.S. trade deficit, with and without petroleum, through June.
![U.S. Trade Deficit](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD0DckAqVdSWG4YNSjUlJ26owxjE9IKZrvg7K_pvyKhCzuVrJUhRH-F6vgbkvdMJ6mGlLPVnEWcRZv7D5MDmEmug_lngjR89SwFB09uorFsVOZdSu-nBfbN7heeXjxQl0WVKYMcg/s320/TradeDeficitJune2011.jpg)
Oil averaged $106.00 per barrel in June, down from $108.70 per barrel in May. There is a bit of a lag with prices, and import prices will fall further in July.
The trade deficit with China increased to $26.7 billion; trade with China remains a significant issue.