The Trade Deficit increased by $7.9 billion to $49.9 billion in June, against the expected increase to $42.1 billion, from a revised figure of $42 billion for May. This was the highest level recorded since October 2008, primarily fuelled by imports of foreign consumer goods which reached an all-time high. June exports decreased by $2.0 billion to $150.5 billion, offset by imports, which increased by $5.9 billion to $200.3 billion. The Commerce Department provided the June figures of the trade balance of the U.S. relative to selected trading partners, in billions of dollars, with surpluses in Hong Kong ($2.0), Australia ($1.1), Singapore ($1.0) and Egypt ($0.2). Deficits were recorded, in billions of dollars, with China ($26.2), OPEC ($8.9), the European Union ($7.8), Mexico ($6.2), Japan ($5.2), Canada ($2.6), Nigeria ($2.3), Venezuela ($1.7), Ireland ($2.3), and Germany ($3.1).
Crude inventories are expected today at 10:30 AM EST. For the week ending July 30, U.S. commercial crude oil inventories had decreased by 2.8 million barrels from the previous week to 358.0 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 15.6 million barrels per day during this period, 113 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 9.6 million barrels per day, down by 1.5 million barrels per day from the previous week.
Today at 2:00 PM EST, the Department of Treasury will release the balance of the Treasury Budget for July, with an anticipated deficit of $165 billion, following the reported $68.422 billion deficit in June.
Upcoming Releases
Crude Inventories (08/11 at 10:30 AM EST)
Treasury Budget (08/11 at 2:00 PM EST)
Initial Claims (08/12 at 8:30 AM EST)
CPI (08/13 at 8:30 AM EST)
