Last Update: 02-Aug-19 09:34 ET
- The trade deficit for June narrowed slightly to $55.2 billion (Briefing.com consensus -$54.6 billion) from $55.3 billion in May, as imports (-$4.6 billion) fell slightly more than exports (-$4.4 billion).
- Consumer goods exports decreased $1.9 billion. Capital goods exports fell $1.2 billion. Exports of automotive vehicles, parts, and engines decreased $0.5 billion.
- Imports of industrial supplies and materials decreased $3.2 billion, led by a $1.4 billion drop in crude oil imports. Consumer goods imports decreased $0.9 billion.
- The trade deficit with China in June was $30.2 billion.
- The average second quarter real trade deficit was $74.8 billion, 16% higher than the first quarter average, which helps explain the negative drag from net exports on Q2 GDP.
- The key takeaway from a growth standpoint is that both exports and imports fell in June.