The US trade deficit fell to its second-lowest level of the year in June, mostly on the sizable shift in import activity.
The US trade deficit in June tracked at $41.5 billion, down from the previous month’s $44.7 billion, according to the US Census Bureau and Bureau of Economic Analysis. Total June exports reached $195.9 billion, a $0.1 billion increase, and imports registered at $237.4 billion, a near-$3 billion decline.
The US imported far less in automotive vehicles, parts and engines as well as in petroleum products, amid a continued surge in domestic energy production. Consumer products also showed a sizable dip in demand for the month, particularly with items like smart phones.
The US saw its biggest trade surpluses continue with Hong Kong, at $3.1 billion. Other nations with which the US holds a surplus are Australia, Singapore and Brazil. China, at $30.1 billion and climbing, continues to dominate the list of nations where the US finds a trade deficit. The European Union comes in at second with only slightly more than one-third that amount, and Japan lags behind in third.
- Brian Shappell, CBA, CICP, NACM staff writer