Washington, D.C., August 10. 2006--Though still the fifth largest ever, the U.S. trade deficit improved slightly in June as record sales of U.S. farm products and other exports blunted the impact of soaring crude oil prices.
Wire services reported that the deficit for June dipped 0.3% to $64.8 billion--the fifth largest deficit on record. The imbalance in May was revised to $64.97 billion, $1.1 billion higher than the initial estimate a month ago, as late data showed bigger shipments of oil and consumer goods than originally reported .
Through the first half this year, the deficit is running at an annual rate of $768 billion, putting it on track to surpass last year's record $716.7 billion.
The United States imported a record $20.5 billion worth of crude oil in June, compared with $14.6 billion the same month last year, as international tensions and worldwide demand pushed oil prices to new highs.
Total petroleum imports were $27.3 billion in June, second highest level on record.
U.S. imports from the Organization of Petroleum Exporting Countries were $13.5 billion in June, down only slightly from the record $13.6 billion in May. The total value of imports from OPEC has risen 28% in the first half of 2006 to $71.5 billion.
The United States also imported record levels of consumer goods and near-record levels of autos and auto parts in June. Overall imports of goods and services hit a record $185.5 billion during the month.
Imports from China were the second highest on record at $24.1 billion.
U.S. exports of goods and services set a record in June at $120.7 billion, powered by individual records in several categories — food, feeds and beverages; industrial supplies and materials; and capital goods.
U.S. exports to the European Union and South and Central America set a record in June, while exports to Japan were the highest since March 2001.
