The goods portion of June's trade deficit is a bit deeper than expected, at $68.3 billion vs Econoday's consensus for $67.2 billion. Exports fell 1.5 percent in the month but follow an upward revised 2.6 percent gain in May. Imports rose 0.6 percent and very near an upward revised May increase of 0.5 percent.
There was a very steep decline in exports of consumer goods in June, down 8.5 percent to $16.3 billion, as well as vehicles, down 6.1 percent to $12.7 billion. Capital goods exports, a key U.S. strength, also fell, down 1.8 percent to $47.3 billion. Exports of foods & feeds, which are in focus given trade troubles, dipped 0.5 percent to $14.0 billion.
Imports of consumer goods, the nation's sore point on trade, jumped 3.6 percent to $53.3 billion with vehicle imports up 1.6 percent to $30.2 billion. Imports of capital goods fell 2.7 percent to $57.4 billion with food & feed imports down 1.7 percent to $12.2 billion.
These results may trim back estimates for net exports in tomorrow's second-quarter GDP report but they follow very positive results in May and April.