U.S. Trade Deficit Widens to This Horrible Level
The U.S. trade deficit with the rest of the world increased in June to $53.1 billion, with exports falling faster than imports. The trade gap in May between the U.S. and the rest of the world was upwardly revised to $50.8 billion.
Related Feature: U.S. Deficit Exceeds $1 Trillion For Third Year Running.
June exports fell by $4.1 billion to $170.9 billion, while imports fell by $1.9 billion to $223.9 billion. Industrial goods (NYSE:XLI) accounted for a significant amount of the decline in exports, while consumer goods exports increased. Car and car parts exports made no significant move, and the same went for imports and exports of services.
The U.S. deficit with China (NYSE:FXI) rose from $25 billion in May to $26.7 billion in June, while the deficit with the European Union rose by $1 billion to $9.8 billion in June. While the U.S. had a trade surplus with Hong Kong (NYSE:EWH), Australia (NYSE:EWA), Singapore (NYSE:EWS), and Egypt, the overall trade deficit was its highest in 32 months.