Trade Deficit Drops Notably in June

Aug 20, 2012
 

 

The U.S. Department of Commerce’s Census Bureau and the Bureau of Economic Analysis (BEA) recently announced that exports in June 2012 increased to $185 billion from May’s total exports of $183.3 billion. Additionally, imports were down $3.5 billion from January which resulted in a notable decrease in the goods and services deficit of $42.9 billion, down from the May revised deficit of $48 billion.

 

The U.S. trade deficit has been continually dropping: in January 2012, the goods and services deficit was $52.5 billion. Goods continue to be the primary driver of the trade deficit, to the tune of $57.5 billion in June 2012 while services are now showing a surplus of $14.6 billion. Both factors are experiencing positive movement, however,  with the export of U.S. goods rising $1.8 billion between May and June to $132.8 billion, and imports of goods dropping $3.6 billion to $190.3 billion.

 

For the three months ending in June, the average trade deficit was $47.2 billion, down notably from just six months ago when, in the three months ending in January, the average trade deficit was $50.2.

 

Please click here for more details from BEA.

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