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US trade deficit grew by 8.7% in June 2016

US trade deficit grew by 8.7% in June 2016, reaching a 10-month high of 44.5 billion USD. The economists expected slower rise ti 43.2 billion USD, from revised 41 billion USD in May. US trade deficit growth was supported by higher oil prices and higher imports of consumer goods such as mobile phones and pharmacies. The imports increased by 1.9% in June to a seasonally adjusted 227.7 billion USD. The US exports grow by 0.3% to 183.2 billion USD. The data show that USA exported less oil and new cars in June.

Meanwhile, the US trade deficit with China grew to 29.8 billion USD, which is the highest level since November last year, mainly due to higher imports of electronics and other consumer goods. The US exports to Canada reached 24 billion USD, which is the peak last year.

The trade deficit remained virtually unchanged over the last year. The average deficit in the three months between April and June was 40.1 billion USD, slightly lower than the same month last year.

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