Record oil import prices helped keep the US trade deficit near historically high levels in June, even as the monthly tally dipped slightly from an upwardly revised estimate for May, the US Commerce Department said today.
Buoyed by average oil import prices of $62.04 per barrel, the trade deficit totalled $64.8 billion in June, or only $400 million more than the midpoint estimate of analysts surveyed before the report.
However, the commerce department raised its estimate of the May trade shortfall to $65 billion, from its previous estimate of $63.8 billion. The June trade gap was the fifth highest on record, while May's was the third highest.
The trade gap for the first half of 2006 was $383.9 billion, compared to $340.2 billion at the same point in 2005.
The United States imported $20.5 billion worth of crude oil in June, compared to $14.6 billion the same month last year, as international tensions and worldwide demand pushed oil prices to new highs.
Total petroleum imports were $27.3 billion in June, the second highest level on record.
The United States also imported record levels of consumer goods and near-record levels of cars and auto parts in June. Overall imports of goods and services hit a record $185.5 billion during the month. Imports from China were the second highest on record at $24.1 billion.
US exports of goods and services also set a record in June at $120.7 billion.