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US Trade Deficit Narrows in June but Remains Large


U.S. Trade Deficit Narrows in June but Remains Large

Increase in exports brings gaps down

By Andrzej Zwaniecki
Washington File Staff Writer

Washington -- The U.S. trade deficit fell by $1.9 billion in June as exports registered the highest increase in three years and imports were virtually unchanged, the Department of Commerce said.

Exports increased by $1.9 billion from May to $84.6 billion and imports hovered closely around the revised May level of $124.2 billion, bringing the overall deficit down to $39.5 billion, according to figures released August 14.

Nevertheless, the deficit remains large - for the January-June period it is 25 percent greater than in 2002 and 33 percent than in 2001.

Making up the overall deficit were a deficit in goods of $45 billion -- a $1.7 billion decrease from the previous month -- and a surplus in services of $5.4 billion -- a $200 million increase.

A jump in goods exports was fueled by larger foreign sales of U.S. capital goods, consumer goods, industrial supplies and materials, and foods, feeds, and beverages while a drop in goods imports reflected primarily decreases in consumer goods mitigated by increases in automotive vehicle parts and engines and industrial supplies and materials.

A significant upsurge in exports, which hit the highest level since June 2001 and registered the largest month-to-month increase since June 2000, was viewed by some analysts as a sign of accelerating economic growth abroad, according to news reports.

The goods deficit with China increased by $0.1 billion to $10.0 billion in June, with the European Union by $0.4 billion to $7.8 billion and with Japan by $0.9 billion to $5.4 billion. The goods surplus with Australia increased by $0.3 billion to $0.8 billion while those with Hong Kong and Egypt were unchanged at $0.4 billion and $0.1 billion, respectively.

The Commerce also said it has revised figures for total trade as well as trade in capital and non-petroleum goods for the January 2001-May 2003 period.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2001 -357,819 1,007,580 1,356,399
Jan.-Dec. 2002 -418,038 974,107 1,392,145

Jan.-June 2002 -194,938 480,143 675,080
Jan.-June 2003 -244,269 496,571 740,840

June 2002 -35,563 81,974 117,537
June 2003 -39,549 84,622 124,170


U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2001 -427,215 718,712 1,145,927
Jan.-Dec. 2002 -482,872 681,874 1,164,746

Jan.-June 2002 -194,872 336,720 564,038
Jan.-June 2003 -274,000 347,378 621,378

June 2002 -40,683 57,702 98,385
June 2003 -44,967 59,043 104,009


U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2001 69,396 288,868 219,472
Jan.-Dec. 2002 64,834 292,233 227,399

Jan.-June 2002 32,381 143,423 111,042
Jan.-June 2003 29,731 149,193 119,462

June 2002 5,120 24,272 19,152
June 2003 5,418 25,579 20,161

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral June June
balance exports imports

Total -42,664 61,179 103,844

North America -7,214 22,754 29,968
Canada -3,791 14,795 18,585
Mexico -3,423 7,959 11,383

Western Europe -7,959 14,193 22,152
Euro Area -6,365 9,224 15,588
European Union -7,765 12,582 20,347
Austria -201 135 336
Belgium 616 1,396 780
Finland -201 139 339
France -886 1,520 2,406
Germany -3,566 2,258 5,824
Italy -1,234 868 2,102
Netherlands 732 1,666 934
Spain -87 481 568
Sweden -762 233 995
United Kingdom -475 2,990 3,465
Other EU -1,701 897 2,598

European Free Trade
Association -137 1,269 1,406
Norway -431 114 545
Switzerland 285 1,106 821
Other EFTA 8 48 40
Other Western Eur. -57 342 398

Eastern Europe, Former
Soviet Reps. -1,139 513 1,651
Hungary -214 60 273
Poland -52 62 114
Former Sov. Reps. -688 286 974
Russia -653 183 836
Other FSR -35 103 138
Other Eastern Europe -185 105 289

Pacific Rim -18,533 15,805 34,338
Australia 828 1,316 488
China -9,990 2,122 12,112
Japan -5,384 4,377 9,761
Newly Industrialized
Countries -1,673 6,107 7,780
Hong Kong 389 1,080 691
South Korea -964 2,122 3,086
Singapore -28 1,350 1,379
Taiwan -1,070 1,554 2,624
Other Pacific Rim -2,314 1,884 4,198

South/Central America-2,436 4,155 6,591
Argentina -81 205 286
Brazil -565 942 1,506
Colombia -231 300 531
Other S/C America -1,559 2,709 4,268

OPEC -4,040 1,615 5,654
Indonesia -563 200 763
Nigeria -556 96 653
Saudi Arabia -1,226 443 1,670
Venezuela -1,377 208 1,585
Other OPEC -316 668 984

Other countries -3,291 2,546 5,838
Egypt 97 189 92
South Africa -140 229 370
Other -3,248 2,128 5,376

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.


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