The US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce, announced Thursday that total June exports of $185.0 billion and imports of $227.9 billion resulted in a goods and services deficit of $42.9 billion, down from $48.0 billion in May. June exports were $1.7 billion more than May exports of $183.3 billion. June imports were $3.5 billion less than May imports of $231.4 billion.
The goods and services deficit also decreased $7.4 billion from June 2011 to June 2012. Exports were up $12.3 billion, or 7.1 percent, and imports were up $4.9 billion, or 2.2 percent.
On the other hand, Canada's merchandise imports rose 2.3 percent while exports edged up 0.2 percent in June, resulting in a $1.8 billion trade deficit in June, up from $954 million in May. Imports reached a record high of $40.9 billion in June while exports increased to $39.1 billion. A strong gain in exports of automotive products helped offset declines in five out of seven sectors.