U.S. goods and services deficit reaches $53.1 billion in June

News_Editor · August 12, 2011

U.S. goods and services deficit reaches $53.1 billion in June

2011-08-12 10:17:22 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- The goods and services exports in the United States in the month of June reached $170.9 billion, recording a $53.1 billion deficit, according to a report released by the U.S. Commerce Department's Bureau of Economic Analysis (BEA) on Thursday.

Reports have shown that the exports of goods and services over the last year totaled $1.98 trillion, a 25.6 percent increase compared to that of 2009, marking an annualized growth rate of 16.4 percent compared to 2009.

However, with imports of $223.9 billion, the U.S. recorded a goods and services deficit of $53.1 billion, up from May's revised deficit of $50.8 billion, the report showed. June exports were $4.1 billion less than May's $175 billion, while its imports were $1.9 billion less than May imports of $225.8 billion.

Meanwhile, the Export-Import Bank of the United States said it had approved more than $24.5 billion in total authorizations in the current fiscal year through August 4, helping the U.S. export growth. The figure included 2,548 U.S. small-business transactions.

"U.S. exports play a key role in boosting our economy and encouraging job creation and growth," said Fred P. Hochberg, chairman and president of the Export-Import Bank.

Nonetheless, the BEA report showed that while exports and imports of services remained virtually unchanged in June at $49.6 billion and $35.1 billion respectively, goods deficit increased $2.1 billion from May to $67.6 billion, and the services surplus decreased $0.1 billion to $14.5 billion.

In addition, June's goods and services deficit increased $6.2 billion compared to the previous year. Exports were up $19.5 billion, which represents a 12.9 percent increase, and imports had a 13 percent growth, reaching $25.7 billion.