Global| Jul 30 2015U.S. Merchandise Trade Deficit Deepens
by:Tom Moeller
|in:Economy in Brief
Summary
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 [...]
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 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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