Recent Updates
- US: Wholesale Trade (Feb), Producer Prices (Mar)
- US: Producer Price Indexes by Commodity Detail (Mar)
- US: Producer Price Indexes by Industry Detail (Mar)
- Canada: Investment in Building Construction (Feb), Labor Force Survey (Mar)
- more updates...
Economy in Brief
U.S. Wholesale Inventories Post Strong February Gain; Sales Fall
Wholesale inventories increased 0.6% (2.0% y/y) during February...
U.S. Initial Unemployment Insurance Claims Unexpectedly Increase
Initial claims for unemployment insurance rose to 744,000 during the week ended April 3...
Total PMIs Gain Traction in March
The PMI readings for March show improvement again...
U.S. Consumer Credit Outstanding Bounces Back in February
Consumer credit outstanding surged $27.6 billion during February...
U.S. Trade Deficit Widens to Record during February
The U.S. trade deficit in goods and services widened to $71.1 during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 29, 2020
• Trade deficit in goods narrows to $70.64 billion.
• Exports surge 13.9% while imports rise 4.8%.
• Strength in exports is broad-based.
The advance U.S. trade report showed the goods trade deficit narrowed to $70.64 billion in June from $75.26 billion in May. A deficit of $75.4 billion had been expected in the Action Economics Forecast Survey.
The improvement in exports was led by autos, parts & engines which jumped 144.1% (-38.4% y/y), following three months of sharp decline. Consumer goods exports improved 12.6% (-23.8% y/y) after having risen 5.3% in May. An 11.5% rise (-21.0% y/y) in "other" exports followed three straight months of decline, while capital goods exports improved 11.0% (-22.1% y/y) after falling in four of the prior five months. Exports of industrial supplies & materials rose 9.6% (-25.0% y/y) as oil prices increased. Offsetting these gains was a 5.2% decline (-10.3% y/y) in food & beverage exports, down for the third month in the last four.
The 4.8% gain in imports came on the heels of five consecutive months of decline. It was led by a 107.7% jump (-42.3% y/) in autos & parts, which had fallen for three straight months. Consumer goods imports improved 9.8% (-7.5% y/y) after rising 4.4% in May. Capital goods imports improved 4.6% (-12.6% y/y) after declining in four of the prior five months. Imports of foods, feeds & beverages rose 2.5% (-1.9% y/y) after rising 0.3%. Industrial supplies imports declined 19.2% (-17.4% y/y) while imports of "other" goods fell 4.1% (-33.1% y/y), down for the fourth straight month.
The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is in AS1REPNA.
Advance U.S. Foreign Trade in Goods (Customs Value $) | Jun | May | Apr | Jun Y/Y | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
U.S. Trade Deficit ($ bil.) | -70.64 | -75.26 | -70.72 | -74.49 (6/19) |
-854.37 | -872.04 | -792.40 |
Exports (% Chg) | 13.9 | -5.8 | -25.0 | -23.9 | -1.4 | 7.7 | 6.8 |
Imports (% Chg) | 4.8 | -0.6 | -13.6 | -17.2 | -1.6 | 8.5 | 6.8 |
Note: Current month is based on Advance Trade data; Previous months reflect revised data from International Trade release.