June Trade Gap Of $14.17 Billion Posted by U.S. --- Exports Rose, But Imports Of Oil Products Surged Second Month in a Row
WASHINGTON -- The U.S. recorded a $14.17 billion merchandise trade deficit last month, as exports rose but oil imports surged for the second month in a row, the Commerce Department said.</br></br>The gap followed a revised May deficit of $13.12 billion. Because there is a delay in reporting import figures, however, Commerce Department statisticians caution against comparing revised figures from one month with preliminary ones from another. The May deficit had been reported as $14.21 billion.</br></br>For the second consecutive month, the U.S. posted a deficit in agricultural trade, the first such back-to-back deficits since the 1950s, according to an Agriculture Department historian. June's $71.2 million gap followed May's $348.7 million gap.</br></br>Also, the deficit in manufactured goods swelled in June as exports increased but imports did, too. This underscores the drag that imports exerted on economic growth in the second quarter.</br></br>"Demand by U.S. consumers is fairly strong but much of that demand is leaking abroad," said David Berson, senior economist at Wharton Econometric Forecasting Associates in Philadelphia. He called the 9.4% growth in exports last month a "silver lining" in the report, but he predicted that the trade balance wouldn't improve significantly until next year.