US trade gap widens in June

AFP, WASHINGTON: The US trade deficit widened in June as the strong dollar encouraged imports and weighed on exports amid weaker growth in the global economy, official data released yesterday showed.
The trade gap ballooned 7.1 per cent from May to $43.8 billion, the Commerce Department reported, well above the average analyst forecast of $42.7 billion. The May shortfall was not as large as previously thought; the department revised the deficit to $40.9 billion from $41.9 billion.
"The revised trade data for May show a smaller monthly deficit, implying that net trade likely added a bit more to GDP growth in Q2 than was initially estimated," said Barclays analyst Jesse Hurwitz.

US trade gap widens in June

AFP, WASHINGTON: The US trade deficit widened in June as the strong dollar encouraged imports and weighed on exports amid weaker growth in the global economy, official data released yesterday showed. The trade gap ballooned 7.1 per cent from May to $43.8 billion, the Commerce Department reported, well above the average analyst forecast of $42.7 billion. The May shortfall was not as large as previously thought; the department revised the deficit to $40.9 billion from $41.9 billion. The revised trade data for May show a smaller monthly deficit, implying that net trade likely added a bit more to GDP growth in Q2 than was initially estimated, said Barclays analyst Jesse Hurwitz.