WASHINGTON, D.C. (BNO NEWS) — The goods and services exports in the United States in the month of June reached $ 170.9 billion, recording a $ 53.1 billion deficit, according to a report released by the U.S. Commerce Department’s Bureau of Economic Analysis (BEA) on Thursday.
Reports have shown that the exports of goods and services over the last year totaled $ 1.98 trillion, a 25.6 percent increase compared to that of 2009, marking an annualized growth rate of 16.4 percent compared to 2009.
However, with imports of $ 223.9 billion, the U.S. recorded a goods and services deficit of $ 53.1 billion, up from May’s revised deficit of $ 50.8 billion, the report showed. June exports were $ 4.1 billion less than May’s $ 175 billion, while its imports were $ 1.9 billion less than May imports of $ 225.8 billion.
Meanwhile, the Export-Import Bank of the United States said it had approved more than $ 24.5 billion in total authorizations in the current fiscal year through August 4, helping the U.S. export growth. The figure included 2,548 U.S. small-business transactions.
“U.S. exports play a key role in boosting our economy and encouraging job creation and growth,” said Fred P. Hochberg, chairman and president of the Export-Import Bank.
Nonetheless, the BEA report showed that while exports and imports of services remained virtually unchanged in June at $ 49.6 billion and $ 35.1 billion respectively, goods deficit increased $ 2.1 billion from May to $ 67.6 billion, and the services surplus decreased $ 0.1 billion to $ 14.5 billion.
In addition, June’s goods and services deficit increased $ 6.2 billion compared to the previous year. Exports were up $ 19.5 billion, which represents a 12.9 percent increase, and imports had a 13 percent growth, reaching $ 25.7 billion.