The U.S. trade deficit rose to a record high in June as the efforts by businesses to rebuild inventories to meet aggressive consumer spending gained more imports.
Source: U.S Census Bureau
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The Commerce Department stated that the trade gap increased 6.7% to $75.7 billion in June, an all-time high.
Goods imports rose 1.8% to $239.1 billion. Exports of goods gained 0.2% to $145.9 billion in June, another all-time high.
The average goods and services rose by $0.2 billion to $71.9 billion for the three months ending in June, driven by a higher increase in average imports of $1.9 billion to $278.2 billion in June.
The exports of goods increased by $0.3 billion to $145.9 billion in June, as imports of goods increased to $239.1 billion in June as the US continued to rebound from the Covid-19 pandemic.
The June data shows surpluses in South and Central America ($4.5), Hong Kong ($1.7), Brazil ($1.5), and Singapore ($0.6). Countries that recorded deficits were China ($27.0), European Union ($19.6), Mexico ($7.2), and Germany ($6.3).