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August 9, 2021

US trade deficit in goods hits all time high

The June increase reflects an increase in the goods deficit of $4bn to $93.2bn and a decrease in the services surplus.

By Michelle Russell

The US trade deficit in goods and services hit an all-time high in June, up 6.8% to US$75.7bn from $71.2bn in May, according to trade statistics released by the Department of Commerce.

Exports were $207.7bn – $1.2bn more than May exports – while imports were $283.4bn, $6bn more than those in May.

Year-to-date, the goods and services deficit increased $135,8bn, or 46.4%, from the same period in 2020. Exports grew $150.9bn or 14.3%, while imports increased $286.7bn or 21.3%.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $4bn to $93.2bn and a decrease in the services surplus of $0.7bn to $17.4bn.

The largest deficit was recorded with China at $27bn, followed by the European Union at $19.6bn, and Mexico at $7.2bn. Deficits were also recorded with Germany ($6.3bn), Canada ($5.5bn), Japan ($4.9bn), Italy ($3.7bn), India ($3.5bn), Taiwan ($3.3bn), South Korea ($2.8bn), France ($1.9bn), and Saudi Arabia ($0.3bn).

Surpluses for the month of June meanwhile, were recorded with South and Central America ($4.5bn), Hong Kong ($1.7bn), Brazil ($1.5bn), and Singapore ($0.6bn).

Last month, the trade deficit in goods was up 3.1%, reflecting rises in both the goods deficit and services surplus of US$2.3bn and $0.1bn respectively.

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