FOR IMMEDIATE RELEASE
August 9, 2016
Contact: Paola Masman, Media Director
202-688-5145 ext 2, [email protected]
Government Report: June Trade Deficit Jumps 8.5% Despite Trade Deals
Washington~ The US trade deficit in June grew by 8.5% according to a government report released on August 4th. Now at its 10-month high, the trade deficit reached a whopping $44.5 billion. The increase far exceeded the predictions of economists, who estimated that the deficit would rise to $43.2 billion from $41 billion in May.
Here are key quotes from the report.
1. Trade deficit worsened: “The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $44.5 billion in June, up $3.6 billion from $41.0 billion in May, revised.”
2. Goods Exports Increased over May Numbers: “June exports were $183.2 billion, $0.6 billion more than May exports.”
3. But Goods Imports Increased More: “June imports were $227.7 billion, $4.2 billion more than May imports.”
Other important facts: Cell phones and other consumer goods as well as pharmaceutical products were a big part of the import increase. These are products that were invented in America and produced here efficiently, not low-end, developing country commodities that are imported for the US to process and sell for higher value products.
“US government officials and pundits are still stuck in Econ 101 while our trade rivals have progressed to Econ 451,” said Michael Stumo, CEO of the Coalition for a Prosperous America. “America’s trade strategy, to the extent it exists, focuses upon more stupid trade deals that increasingly give away our sovereignty. Our strategy needs to pursue balanced trade, a fix to modern foreign mercantilism and regrowth of a diverse manufacturing and agriculture sector.”