The US trade deficit fell to $73.1 billion in June, down $1.9 billion from $75 billion in May, the Commerce Department reported yesterday.
June exports were $265.9 billion, $3.9 billion more than May exports, while June imports were $339.0 billion, $2 billion more than Mays.
The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.5 billion to $97.4 billion and a decrease in the services surplus of $600 million to $24.2 billion.
Year-to-date, the goods and services deficit increased $22.7 billion, or 5.6 percent, from the same period in 2023. Exports increased $58 billion or 3.8 percent, and imports were up $80.7 billion or 4.2 percent.
The average goods and services deficit increased $1.5 billion to $74.2 billion for the three months ending in June.
Exports of goods increased $4.4 billion to $174.2 billion in June, while services exports fell $400 million to $91.7 billion in June. Goods imports rose $2.1 billion and services imports were up $200 million to $67.5 billion in June.
The United States ran trade deficits in June with China at $22.3 billion, European Union $18 billion, Mexico $13.7 billion, Vietnam $10.9 billion, Germany $7.4 billion, Taiwan $6.4 billion, Ireland $5.8 billion, South Korea $5.7 billion, Japan $4.9 billion, Canada $4.6 billion, India $3.7 billion, Italy $3.1 billion, Switzerland $2.9 billion, Malaysia $1.8 billion, France $1.3 billion, Israel $900 million and Singapore $400 million.
The June figures show surpluses with Netherlands at $4.8 billion, South and Central America $3.6 billion, Hong Kong $2.1 billion, Australia $1.9 billion, United Kingdom $900 million, Brazil $800 million, Belgium $700 million and Saudi Arabia $100 million.
! Bloomberg news service reported that Canada unexpectedly recorded a C$638 million ($461 million) trade surplus in June as an expanded crude oil pipeline and surging global demand for gold drove exports higher.
Statistics Canada noted in Tuesday’s release the size of the surplus was “close to the typical bounds of monthly revisions,” having revised the previous month’s trade balance upward by about C$320 million.
Exports rose 5.5% overall in June, outpacing a 1.9% rise in imports
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