Wednesday, August 05, 2020

Trade Deficit decreased to $50.7 Billion in June

by Calculated Risk on 8/05/2020 08:40:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.7 billion in June, down $4.1 billion from $54.8 billion in May, revised.

June exports were $158.3 billion, $13.6 billion more than May exports. June imports were $208.9 billion, $9.5 billion more than May imports.
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports increased in June.

Exports are down 24% compared to June 2019; imports are down 20% compared to June 2019.

Both imports and exports decreased sharply due to COVID-19.

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit 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.

Note that the U.S. exported a slight net positive petroleum products in recent months.

Oil imports averaged $35.34 per barrel in June, up from $27.55 per barrel in May, and down from $58.72 in June 2019.

The trade deficit with China decreased to $28.4 billion in June, from $29.8 billion in June 2019.