The deficit amounted to US$50.7bn in June, down $4.1bn from $54.8bn in May, revised

The deficit amounted to US$50.7bn in June, down $4.1bn from $54.8bn in May, revised

The US trade deficit in goods and services fell 7.5% in June from a month earlier, reflecting a decrease in the goods deficit of US$4bn and an increase in the services surplus of $0.1bn.

The deficit amounted to US$50.7bn in June, down $4.1bn from $54.8bn in May, revised. Exports were $158.3bn, $13.6bn more than May, while imports were $9.5bn more at $208.9bn, according to trade statistics released by the Department of Commerce.

Both imports and exports increased for the first time since March, according to international trade law firm Sandler, Travis & Rosenberg (ST&R).

Year-to-date, the goods and services deficit decreased $23.1bn, or 7.8%, from the same period in 2019. Exports fell $199.1bn, or 15.7%, while imports were down $222.3bn, or by 14.2%.

The June decrease in the goods and services deficit reflected a decrease in the goods deficit to $72.2bn and an increase in the services surplus to $21.5bn.

The largest deficit was recorded with China at $26.7bn, followed by the European Union at $13.1bn, and Mexico at $9bn.

Deficits were also recorded with Germany ($3.8bn), Taiwan ($2.4bn), Italy ($2.1bn), South Korea ($1.9bn), Japan ($1.8bn), India ($1.7bn), France ($1bn), Saudi Arabia ($0.7bn), Singapore ($0.2bn), and Canada ($0.1bn).

Surpluses for the month of June, meanwhile, were recorded with South and Central America ($1.8bn), United Kingdom ($1.3bn), Hong Kong ($1bn), OPEC ($0.5bn), and Brazil ($0.4bn).