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Economy in Brief

U.S. Merchandise Trade Deficit Deepens
by Tom Moeller  July 30, 2015

The Census Bureau has begun to publish an advance report on U.S. international trade in goods. The BEA will incorporate these data into its estimates of exports and imports for the advance GDP estimates. This is expected to reduce the size of revisions to GDP growth in later estimates.

The U.S. foreign trade deficit in goods during June deteriorated to $62.3 billion from $60.4 billion in May. According to today's estimates for the second quarter, improvement in the foreign trade deficit added 0.1 percentage points to real GDP growth.

Goods exports eased 0.4% (-6.3% y/y) following a 1.1% decline as foods, feeds & beverage exports fell 4.3% (-10.4% y/y). Industrial supplies & materials exports edged 1.5% lower (-12.0% y/y) after a 2.2% rise while capital goods exports were off 1.7% (-2.3% y/y) following a 5.2% drop. To the upside, nonauto consumer goods exports jumped 4.7% (0.5% y/y) following three straight months of decline while automotive product exports gained 0.3% (-5.4% y/y).

Imports increased 0.7% (-1.0% y/y) following a 0.2% dip. Foods, feeds & beverages imports recovered 5.9% (5.3% y/y) following two months of decline. Industrial supplies & materials imports gained 1.9% (-22.6% y/y) after five straight months of decline with lower oil prices. Automotive vehicles & parts imports rose 1.1% (10.2% y/y) after a 3.0% rise while nonauto consumer goods imports jumped 3.1% (13.9% y/y) after no change. Capital goods imports were off 1.2% (+1.3% y/y), down for three straight months.

The international trade data can be found in Haver's USECON database.

Foreign Trade in Goods (Current Dollars) Jun May Apr Y/Y 2014 2013 2012
U.S. Trade Deficit $62.3 bil. $60.4 bil. $59.4 bil. $60.6 bil.
(6/14)
$727.2 bil. $689.9 bil. $730.4 bil.
Exports (% Chg) -0.4 -1.1 1.8 -5.4 2.7 2.1 4.3
Imports 0.7 -0.2 -3.9 -1.0 3.5 -0.3 3.1
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