U.S. trade deficit unexpectedly rises in June

08:15, August 12, 2010      

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The U.S. trade deficit unexpectedly widened in June with exports posting the largest drop in more than a year, the Commerce Department reported Wednesday.

The trade deficit rose to 49.9 billion dollars in June, an increase of 18.8 percent from May. That was the highest level since October 2008 when the deficit stood at 59.4 billion dollars. Economists had expected a decline in the trade gap due to lower global oil prices.

Imports rose 3 percent in June to 200.3 billion dollars, while exports dropped 1.3 percent to 150.5 billion dollars, the largest decline since April 2009.

The gain in imports reflected growing U.S. demand for foreign goods and services as the economic recovery unfolds, while the decline in exports indicated that demand from overseas markets may provide less support for the U.S. economy than previously anticipated.

June's export data may bring a blow to the Obama administration's export enhancement strategy, something heavily touted by the president as a useful weapon to prop up the economy.

Obama launched the National Export Initiative during his State of the Union address in January as part of a broad economic plan to stimulate economic and job growth, with a goal of doubling exports over five years.

Source: Xinhua


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