Home breadcru News breadcru Import/Exports breadcru Jun 2024 US goods & services deficit $73.1 bn, goods deficit $97.4 bn

Jun 2024 US goods & services deficit $73.1 bn, goods deficit $97.4 bn

08 Aug '24
2 min read
Jun 2024 US goods & services deficit $73.1 bn, goods deficit $97.4 bn
Pic: Adobe Stock

Insights

  • US goods and services deficit was revised up to $73.1 billion in June, down by $1.9 billion from the May figure, official data showed.
  • Goods deficit fell by $2.5 billion to $97.4 billion in the month.
  • June exports were worth $265.9 billion—$3.9 billion more than the May figure, and imports were worth $339 billion—$2 billion more than in the preceding month.
US goods and services deficit was revised up to $73.1 billion in June this year, down by $1.9 billion from the May figure, according to the US Census Bureau and the Bureau of Economic Analysis (BEA). Goods deficit decreased by $2.5 billion to $97.4 billion in the month.

June exports were worth $265.9 billion—$3.9 billion more than the May figure, and imports in the month were worth $339 billion—$2 billion more than in the preceding month.

Year to date, the goods and services deficit increased by $22.7 billion, or 5.6 per cent, year on year (YoY). Exports increased by $58.0 billion, or 3.8 per cent YoY, while imports increased by $80.7 billion, or 4.2 per cent YoY.

The average goods and services deficit increased $1.5 billion to $74.2 billion for the three months ending in June, a BEA release said.

The real goods deficit decreased by $2.5 billion, or 2.6 per cent, to $91.4 billion in June, compared to a 2.5-per cent decrease in the nominal deficit.

Real exports of goods increased by $4.6 billion, or 3.2 per cent, to $146.2 billion in June, compared to a 2.7-per cent increase in nominal exports.

Real imports of goods increased by $2.1 billion, or 0.9 per cent in the month to $237.6 billion, compared to a 0.8-per cent increase in nominal imports.

The June figures show surpluses with Netherlands ($4.8 billion), South and Central America ($3.6 billion), Hong Kong ($2.1 billion), Australia ($1.9 billion), the United Kingdom ($0.9 billion), Brazil ($0.8 billion), Belgium ($0.7 billion) and Saudi Arabia ($0.1 billion).

Deficits were recorded with China ($22.3 billion), the European Union ($18 billion), Mexico ($13.7 billion), Vietnam ($10.9 billion), Germany ($7.4 billion), Taiwan ($6.4 billion), Ireland ($5.8 billion), South Korea ($5.7 billion), Japan ($4.9 billion), Canada ($4.6 billion), India ($3.7 billion), Italy ($3.1 billion), Switzerland ($2.9 billion), Malaysia ($1.8 billion), France ($1.3 billion), Israel ($0.9 billion) and Singapore ($0.4 billion).

ALCHEMPro News Desk (DS)

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