Trade Deficit decreased to $79.6 Billion in June

by Calculated Risk on 8/04/2022 08:49:00 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 $79.6 billion in June, down $5.3 billion from $84.9 billion in May,

June exports were $260.8 billion, $4.3 billion more than May exports. June imports were $340.4 billion,
$1.0 billion less than May imports.
emphasis added

Click on graph for larger image.

Exports increased and imports decreased in June.

Exports are up 23% year-over-year; imports are up 20% year-over-year.

Both imports and exports decreased sharply due to COVID-19, and have now bounced back.

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

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 net, imports and exports of petroleum products are close to zero.

The trade deficit with China increased to $36.9 billion in June, from $27.7 billion a year ago.

The trade deficit was lower than the consensus forecast, and the deficit for May was revised down.

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