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Economy in Brief

U.S. Trade Deficit A New Record
by Tom Moeller August 13, 2004

The U.S. foreign trade deficit surged to another record high in June of $55.8B. Consensus expectations had been for a deficit of $46.7B.

Total imports jumped 3.3% as petroleum imports surged 17.8% (46.2% y/y). Imports of non-petroleum goods also rose a strong 1.8% (17.4% y/y) following an upwardly revised 1.0% rise in May.

Exports slumped 4.3% following the downwardly revised 2.7% jump to a record high. Month to month weakness was across the board and pronounced.

By country, the US trade deficit with China deepened m/m to $14.2.0B ($124.1B in 2003) as imports surged 12.7% (39.6% y/y). The US trade deficit with Japan also deepened to $6.3B ($66.0B in 2003) on an 11.6% 13.0% y/y) jump in imports.

Foreign Trade June May Y/Y 2003 2002 2001
Trade Deficit $55.8B $46.9B $40.0B(6/03) $496.5B $421.7B $362.7B
  Exports - Goods & Services -4.3% 2.7% 9.7% 4.6% -3.1% -6.0%
  Imports - Goods & Services 3.3% 1.0% 19.3% 8.5% 2.1% -5.5%
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