WASHINGTON - The U.S. trade deficit surged by a record dollar amount to $49.9 billion in June, the highest level since October 2008, as exports declined and imports increased, the Commerce Department reported Wednesday.
The June deficit increased by $7.9 billion, or 18.8%, the third straight increase, following a $1.7 billion gain in May.
Imports jumped by $5.9 billion to $200.3 billion, the largest level since October 2008, led by a record high level of consumer goods imports.
Exports slipped by $2.0 billion to $150.5 billion as capital goods, industrial supplies and food products all declined. Auto exports increased to the highest level since October 2008.
Economists expected a $42.0 billion trade deficit for the month, according to the median estimate from Thomson Reuters. May’s trade deficit was revised to $42.0 billion from $42.3 billion initially reported.
Petroleum imports increased to $22.6 billion in June on an increase in the number of barrels of oil imported. The average barrel of oil price fell to $72.44, the lowest price since February.
The June trade deficit with China increased to $26.2 billion as imports increased to $32.9 billion, both the highest levels since October 2008.
The trade deficit figure is likely to weigh on second quarter GDP growth. Imports, which subtract from the gross domestic product, soared 28.8% in the second quarter, the largest increase since 1984, the Commerce Department reported last month.
As a result, imports subtracted 4.0 percentage points from the 2.4% second quarter real GDP, the largest subtraction on record. The net subtraction of imports and exports from the GDP was 2.78 percentage points, the largest since 1982. Exports increased 10.2% for the quarter.
