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August 9, 2022updated 05 Sep 2022 7:59am

US trade deficit slides more than 6% in June

The US trade fell by 6.2% in June, reflecting a decrease in the goods deficit and an increase in the services surplus.

By Beth Wright

The deficit amounted to US$79.6bn in June, down $5.3bn from $84.9bn in May, revised, according to trade statistics released by the Department of Commerce. 

June exports were $260.8bn, $4.3bn more than those a month earlier, while imports were $340.4bn, $1bn less than May imports.

The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.9bn to $99.5bn and an increase in the services surplus of $0.3bn to $19.9bn.

Year-to-date, the goods and services deficit increased by $134.1bn, or 33.4%, from the same period in 2021. Exports grew by $246.2bn or 20%, while imports increased $380.3bn or 23.3%.

The largest deficit was recorded with China at $36.9bn, followed by the European Union as US$17.6bn, and Vietnam at US$11.1bn. Deficits were also recorded with Mexico ($9.7bn), Canada ($7.3bn), Ireland ($6.1bn), Germany ($5.4bn), India ($5.2bn), Japan ($4.7bn), South Korea ($3.7bn), Taiwan ($3.6bn), Italy ($3.5bn), Malaysia ($3bn), Saudi Arabia ($1.9bn), France ($0.9bn), Israel ($0.8bn) and United Kingdom ($0.4bn).

Surpluses for the month of June, meanwhile, were recorded with South and Central America ($7.9bn), Netherlands ($3bn), Singapore ($1.8bn), Hong Kong ($1.7bn), Brazil ($1.7bn), Australia ($1.5bn), Belgium ($1bn), and Switzerland ($0.9bn).

Prior to the revision, the US international trade deficit in goods and services was reported at $85.5bn in May, down $1.1bn from $86.7bn in April.

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