The International Trade Council acknowledges the recent data shared by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The figures presented indicate that the United States' trade deficit in goods and services stood at $65.5 billion in June, marking a decrease of $2.8 billion from the revised $68.3 billion reported in May.
This decrease in the June trade deficit is attributed to a $2.8 billion reduction in the goods deficit, which now stands at $88.2 billion. Meanwhile, the services surplus marginally declined by less than $0.1 billion, settling at $22.7 billion.
In terms of trade flow, June saw exports amounting to $247.5 billion, slightly lower by $0.3 billion compared to May. However, imports in June totaled $313.0 billion, indicating an increase of $3.1 billion from the previous month.
Reviewing the quarter, the average monthly goods and services deficit was $69.4 billion for the three months ending in June. In a positive development year-over-year, the average goods and services deficit shrank by $14.2 billion compared to the three months concluding in June 2022.
The International Trade Council remains committed to facilitating international trade and will continue to monitor these trends closely.
About the International Trade Council
The International Trade Council is a non-affiliated global organization working to promote trade ties between nations, businesses, and industries. We are dedicated to fostering sustainable economic growth and development.