International Trade and Transactions
In June, the U.S. trade deficit in goods and services grew by a record $8.9 billion to reach $55.8 billion. Goods accounted for nearly all of the decline in the trade balance, which was split about equally between decreased exports and increased imports. June’s record $4.4 billion decline in goods exports was notable because September 2001 was the only month in the previous 12 years when goods exports fell more than $3 billion.
Suggested citation: "International Trade and Transactions," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-09, pp. 08, 09.01.2004.