CHICAGO The U.S. trade deficit on iron and steel mill
products fell 5.7 percent to $659 million in June compared with
Mays $699 million, as a $22-million drop in exports was
more than offset by a $62-million drop in imports.
Meanwhile, the year-to-date
trade deficit for iron and steel mill products rose 19.6
percent to just below $4.7 billion, the U.S. Bureau of Economic
Analysis reported Thursday.
Copper posted a trade surplus of
$227 million in June, down 28.8 percent from Mays surplus
of $319 million. The United States has a year-to-date copper
trading surplus of $1.9 billion, which is more than three times
the $610 million surplus recorded during the first half of
Imports of bauxite and aluminum
fell 6.7 percent in June, largely reversing a 6.1-percent
increase in May, while exports of aluminum and alumina fell 1.8
percent in the same period.
For all goods and services, U.S.
exports totaled $185 billion in June, while imports totaled
$227.9 billion, resulting in a goods-and-services deficit of
$42.9 billion, the data show. That is a 10.6-percent change
from the $48-billion total trade deficit seen in May. The trade
deficit with China grew 5.2 percent month over month.
"A sharp 8.1-percent drop in oil
prices reduced the oil import bill and provided half of the
total imports losses," Gregory Daco, principal U.S. economist
for Lexington, Mass.-based consultancy IHS Global Insight, said
Thursday. "Capital and consumer goods imports provided for the
He called exports "surprisingly
resilient" in June, as all major categories except food and
beverages contributed to the gains. However, he also suggested
there is an "ongoing slowdown of foreign demand for U.S.
"The good news is that our overall trade deficit fell in
Junethat helps our economic growth," said Scott Paul,
founding executive director of the Washington-based Alliance
for American Manufacturing, which represents metals producers
and labor organizations. "The bad news is that our trade
deficit with China continues to climb. Slower growth in China
has hurt our exports."