U.S. trade gap with Europe soars to record amid Greek crisis

[mahatmakanejeeves]

Source: MarketWatch

By Jeffry Bartash
Reporter
Published: Aug 5, 2015 8:57 a.m. ET

Deficit climbs to $43.8 billion in June

The U.S. imported a record amount of goods from Europe in June, worsening the trade deficit.

WASHINGTON (MarketWatch) — The United States in June posted a record trade deficit in goods with the European Union, a sign of the sharp divergence in fortunes between the two regions.

The overall U.S. trade deficit, which includes services, climbed 7.1% to a seasonally adjusted $43.8 billion in June, the government said Wednesday. The upturn largely reflected an all-time high in imports such as autos, drugs and commercial aircraft from Europe, whose goods are cheaper to buy because of a weakened currency.

The goods deficit with the EU jumped nearly 16% in June to an unadjusted $14.5 billion. Earlier in the summer the continent was wracked by another crisis involving heavily indebted Greece that was only resolved, at least for now, by a controversial “rescue” plan after the EU came to the very brink of losing its first member. The latest flareup in Greece cast another cloud of uncertainty over Europe.

In the United States, meanwhile, the economy bounced back after a winter slump and companies continued to add new workers at a steady clip. The rebounding economy and influx of new workers allows American consumers and companies to spend more compared to their European counterparts.

Read more: http://www.marketwatch.com/story/us-trade-gap-with-europe-soars-to-record-amid-greek-crisis-2015-08-05

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This is from the Bureau of Economic Analysis at the Department of Commerce. HTML version:

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES JUNE 2015

FOR IMMEDIATE RELEASE AT 8:30 A.M. EDT, Wednesday, August 5, 2015CB 15-135
BEA 15—37
FT-900 (15-06)

U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
JUNE 2015


The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.8 billion in June, up $2.9 billion from $40.9 billion in May, revised. June exports were $188.6 billion, $0.1 billion less than May exports. June imports were $232.4 billion, $2.8 billion more than May imports.

The June increase in the goods and services deficit reflected an increase in the goods deficit of $2.9 billion to $63.5 billion and a decrease in the services surplus of less than $0.1 billion to $19.7 billion.

Year-to-date, the goods and services deficit increased $1.6 billion, or 0.6 percent, from the same period in 2014. Exports decreased $33.4 billion or 2.9 percent. Imports decreased $31.8 billion or 2.2 percent.
....

For more information, please contact the Census Bureau, Economic Statistical Methods Division, International Trade Statistical Methods Branch on [phone].

To learn more about the FT-900 and other economic indicators the Census Bureau publishes, join the Economic Indicators Division for the "Investigating Economic Indicators" Webinar series. For more information, visit www.census.gov/econ/webinar.

The PDF version has all sorts of tables:

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES JUNE 2015

[snappyturtle]

1. We may have more to spend abroad but I think it's a pity that

we well might be buying goods and services that have been off shored or because foreign countries make better stuff. imho

Edit: I'd be happier, in other words, that all that buying stayed here.