U.S. trade deficit surpasses forecasts in JuneStaff Writer | August 6, 2016
America's trade deficit with other economies jumped sharply in June as strong consumer spending stoked demand for imports.
Economy in America Purchases from overseas jumped 1.9% month-on-month
Purchases from overseas jumped 1.9% month-on-month to $227.7bn - the most since September - as Americans picked up $1.87bn more consumer goods, especially pharmaceuticals and cell phones. Exports increased 0.3% over the month to $183.2bn.
A rise in crude oil prices also meant the US had to fork out $1.43bn more for the barrels it imported.
To take note of, particularly ahead of the November presidential elections in the States, the bilateral trade deficit with China expanded from $29bn in May to $29.8bn in June, the most since November 2015.
Year-to-date, the goods and services deficit decreased $5.8bn, or 2.3%, from the same period in 2015. Exports decreased $54.2bn or 4.7%. Imports decreased $60.0bn or 4.3%. ■