by Calculated Risk on 8/09/2012 09:09:00 AM
Thursday, August 09, 2012
Trade Deficit declined in June to $42.9 Billion
The Department of Commerce reported:
[T]otal June exports of $185.0 billion and imports of $227.9 billion resulted in a goods and services deficit of $42.9 billion, down from $48.0 billion in May, revised. June exports were $1.7 billion more than May exports of $183.3 billion. June imports were $3.5 billion less than May imports of $231.4 billion.The trade deficit was below the consensus forecast of $47.5 billion.
The first graph shows the monthly U.S. exports and imports in dollars through June 2012.

Exports increased in June and imports decreased. Exports are 11% above the pre-recession peak and up 7% compared to June 2011; imports are just below the pre-recession peak, and up about 2% compared to June 2011.
The second graph shows the U.S. trade deficit, with and without petroleum, through June.

Oil averaged $100.13 in June, down from $107.91 per barrel in May. The decline in oil prices contributed to the overall decline in the trade deficit. The trade deficit with China increased to $27.4 billion in June, up from $26.6 billion in June 2011. Once again most of the trade deficit is due to oil and China.
Exports to the euro area were $17.4 billion in June, up from $16.4 billion in June 2011; so the euro area recession didn't lead to less US exports to the euro area in June.