The deficit in U.S. trade of goods and services narrowed in June for the first time since February as exports jumped, though shipments remained well below pre-pandemic levels.
Total U.S. trade -- the value of U.S. exports plus imports -- rebounded from May to June, rising 6.7% to $367.2 billion on a surge in both exports and imports of cars and auto parts. In May, the total had dropped to the lowest level since 2010. Compared to June 2019, two-way trade plunged 21.9% in June .
The Commerce Department said Wednesday that the gap between the value of what the United States buys and what it sells abroad fell 7.5% to $50.7 billion in June from $54.8 billion in May. Exports shot up 9.4%, the most in records back to 1992, to $158.3 billion. Imports rose 4.7%, the most since March 2015, to $208.9 billion
Both increases reflected a pick-up in shipments of autos and parts after factories restarted production.
"The latest trade figures confirm that both exports and imports began rebounding in June, and we expect a continued recovery over the coming months as production catches up with the recovery in consumption," said Michael Pearce, senior U.S. economist at Capital Economics.
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The coronavirus pandemic has wreaked havoc on trade globally and in the U.S., the world's largest economy has pulled back sharply since the outbreak began amid a surge in unemployment and a slowdown in international travel. At the same time, American exporters may stand to benefit from a recent decline in the value of the dollar, which makes U.S. goods more competitive in overseas markets.
The data show exports of automotive vehicles, parts and engines more than doubled to $8.3 billion, but remained at levels last seen in 2009.
In June, the United States ran a $72.2 billion deficit with the rest of the world in the trade goods such as aircraft and appliances. But it ran a $21.5 billion surplus in the trade of services such as banking and education.
The goods deficit with China fell 4% to $26.7 billion as imports posted a larger drop than exports.
Chinese and American trade envoys are expected to meet later month to review their "Phase 1" agreement aimed at ending a tariff war. That follows President Donald Trump's threat to discard the agreement over Beijing's handling of the coronavirus pandemic.
Traders see that as a sign of "commitment to ensuring the agreement holds" despite escalating U.S.-Chinese tension, Stephen Innes of AxiTrader said in a report.
Information for this article was contributed by Elizabeth Dexheimer and Katia Dmitrieva of Bloomberg News and by Paul Wiseman of The Associated Press.
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August 06, 2020 at 02:10PM
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