by Calculated Risk on 8/06/2013 08:56:00 AM

The Department of Commerce reported this morning:

[T]otal June exports of $191.2 billion and imports of $225.4 billion resulted in a goods and services deficit of $34.2 billion, down from $44.1 billion in May, revised. June exports were $4.1 billion more than May exports of $187.1 billion. June imports were $5.8 billion less than May imports of $231.2 billion.

The trade deficit was lower than the consensus forecast of $43.0 billion.

The first graph shows the monthly U.S. exports and imports in dollars through June 2013.

Click on graph for larger image.

Imports decreased in June, and exports increased.  

Exports are 15% above the pre-recession peak and up 3% compared to June 2012; imports are 3% below the pre-recession peak, and down 1% compared to June 2012 (mostly moving sideways).

The second graph shows the U.S. trade deficit, with and without petroleum, through June.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Oil averaged $96.93 in June, up slightly from $96.84 in May, and down from $100.13 in June 2012. 

The trade deficit with the euro area was $6.1 billion in June, down from $6.9 billion in June 2012.

The trade deficit with China decreased to $26.6 billion in June, down from $27.5 billion in June 2012.  Most of the trade deficit is related to oil and China. And most of the recent improvement in the trade deficit is related to a decline in the volume of imported petroleum.