The U.S. trade deficit widened to a record in June as the resurgent American economy drove strong demand for foreign-made goods.
The foreign trade gap in goods and services expanded 6.7% from May to a seasonally adjusted $75.7 billion, the Commerce Department said Thursday. Imports climbed 2.1% to $283.4 billion, also a monthly record. Exports increased 0.6% to $207.7 billion.
Economists surveyed by The Wall Street Journal expected a deficit of $74.2 billion in June.
The trade report is another example of how American consumers and businesses have stepped up spending and investment as the economy has recovered to its pre-Covid-19 size, fueling demand for imports. Exports have grown more slowly, reflecting weaker recoveries in some other regions that have made less progress against the coronavirus.
To read the full article from The Wall Street Journal, please click here.