The imports keep streaming in
Continuing the now-regular string of monthly trading deficits, the U.S. recorded a $53.1 billion trading deficit in June. Higher oil prices drove the continued the 20-year unbroken record of trade deficits, a continuing economic problem.
The June deficit of goods and services was the highest since October 2008 (and second highest on record) when there was a $59.5 billion deficit. In June, there were total exports of $171.9 billion and imports of $223.9 billion.
The goods deficit increased $2.1 billion from May to $67.6 billion in June, and the services surplus- the only bright spot – increased $0.1 billion to $14.5 billion.
Even with a slowing global economy, we still seem to be on track for a record trading deficit this year. This is a problem as worrisome as the current account deficit but our leaders in Capitol Hill give it no play at all.
Some economic experts see our balance of payments as unsustainable in the long term, placing the U.S. at a deepening economic disadvantage. I agree. What do you think?
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