*EPF504 08/17/01
U.S. Trade Deficit Up in June as Exports, Imports Continue Slide
(Trade flows at lowest levels in 16 months) (750)
By Bruce Odessey
Washington File Staff Writer
Washington -- The U.S. trade deficit increased 3.3 percent in June as both exports and imports fell to their lowest levels since February 2000, the U.S. Department of Commerce reports.
The lower levels of trade reflect weakening global demand for goods, especially capital goods for investment, as the U.S. economy has slowed down.
At $29,409 million, the June deficit still continued the trend of smaller deficits since the peak of $34,506 million in September 2000.
The June deficit comprises a $35,696 million deficit in goods and a $6,287 million surplus in services trade. U.S. exports fell at a faster rate, 2.0 percent, than imports, 0.7 percent.
Exports decreased for the third time in four months, with the largest drops in capital goods, especially semiconductors and oil-drilling equipment.
Imports decreased for the third month in a row with the largest drops in electric energy, natural gas, other petroleum products and computer accessories. Imports of crude petroleum went down in value slightly as a drop in volume more than offset a rise in price.
The largest June bilateral deficits were reported with China, $6,607 million; Japan, $4,992 million; Germany, $2,387 million; Taiwan, $1,461 million; Italy, $1,188 million, and South Korea, $1,080 million.
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. 1999 -261,838 957,353 1,219,191
Jan.-Dec. 2000 -375,739 1,065,702 1,441,441
Jan.-June 2000 -178,106 523,078 701,184
Jan.-June 2001 -184,888 529,879 714,768
June 2000 -31,026 90,291 121,317
June 2001 -29,409 85,954 115,363
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. 1999 -345,434 684,553 1,029,987
Jan.-Dec. 2000 -452,207 772,210 1,224,417
Jan.-June 2000 -219,076 376,700 595,776
Jan.-June 2001 -220,322 380,779 601,102
June 2000 -37,827 65,445 103,272
June 2001 -35,696 60,822 96,518
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. 1999 83,596 272,800 189,204
Jan.-Dec. 2000 76,468 293,492 217,024
Jan.-June 2000 40,970 146,378 105,408
Jan.-June 2001 35,434 149,100 113,666
June 2000 6,801 24,846 18,045
June 2001 6,287 25,132 18,845
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 -32,992 63,374 96,366
North America -7,511 23,379 30,890
Canada -4,390 14,984 19,373
Mexico -3,121 8,396 11,517
Western Europe -4,501 15,123 19,624
Euro Area -4,168 9,328 13,497
European Union -4,203 13,706 17,910
Austria -97 265 362
Belgium 292 1,176 884
Finland -146 128 274
France -533 1,751 2,284
Germany -2,387 2,429 4,817
Italy -1,188 810 1,998
Netherlands 832 1,624 792
Spain 51 507 456
Sweden -436 288 724
United Kingdom 467 3,804 3,337
Other EU -1,058 922 1,981
European Free Trade
Association -199 1,135 1,334
Norway -394 113 507
Switzerland 216 1,007 792
Other EFTA -20 15 36
Other Western Eur. -99 282 380
Eastern Europe, Former
Soviet Reps. -503 549 1,052
Hungary -130 62 191
Poland -27 53 80
Former Sov. Reps. -296 311 607
Russia -240 211 451
Other FSR -56 100 156
Other Eastern Europe -50 124 174
Pacific Rim -15,631 15,261 30,893
Australia 379 925 545
China -6,607 1,791 8,398
Japan -4,992 5,006 9,997
Newly Industrialized
Countries -1,850 5,887 7,737
Hong Kong 422 1,294 872
South Korea -1,080 1,780 2,861
Singapore 270 1,457 1,187
Taiwan -1,461 1,356 2,817
Other Pacific Rim -2,563 1,653 4,215
South/Central America -424 5,247 5,671
Argentina 128 368 240
Brazil 434 1,593 1,160
Colombia -163 313 476
Other S/C America -823 2,973 3,795
OPEC -3,599 1,661 5,260
Indonesia -659 203 862
Nigeria -626 92 718
Saudi Arabia -756 397 1,153
Venezuela -880 527 1,407
Other OPEC -678 442 1,120
Other countries -2,371 2,874 5,245
Egypt 111 220 109
South Africa -138 306 444
Other -2,344 2,348 4,692
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.
(The Washington File is a product of the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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