12 August 2005, 17:16  U.S. June trade gap widens to $58.8 bln

The worrisome trends in the U.S. trade sector showed no signs of abating in June, as the deficit with China and the thirst for imported oil hit new records, the government reported Friday. The U.S. trade deficit widened by 6.1% in June to $58.8 billion, the Commerce Department said. The widening of the trade gap was larger than expected. The consensus forecast of Wall Street economists was for the deficit to widen to $57 billion. The June deficit compares with the record $60.1 billion deficit in February. The deficit is on track to set a new record high this year. The deficit for the first six months is $342.9 billion, up from $290.9 billion in the same period last year, when the annual trade deficit was a record $617.6 billion. Imports rose in June, while exports were virtually flat. Imports rose 2.1% to $165.6 billion, while exports remained steady at $106.8 billion. Imports of goods alone rose 2.4% to a record $138.5 billion, as imports of capital goods and oil set new records. The value of U.S. oil imports rose to a record $14.6 billion in June from $13.7 billion in May. The price of a barrel of oil was $44.40, the second highest level on record. Exports of goods alone were also unchanged as declines in agricultural products and consumer goods offset gains in industrial supplies. Exports of civilian aircraft rose 9.1% to $2.5 billion. The U.S. trade deficit with China widened to a record $17.6 billion in June compared with $14.1 billion in the same month last year. The U.S. also set new record deficits with Mexico, South Central America, and the OPEC nations.

© 1999-2024 Forex EuroClub
All rights reserved