The nominal trade deficit continued to widen in June, rising to $44.5 billion from $41 billion in May, as imports increased more than exports. The small increase in exports was led by higher food exports (particularly corn and wheat), and import growth was driven by industrial materials (mainly crude oil). Imports of consumer goods and capital goods also grew in June.
Both import and export levels were lower in June than a year ago. Adjusted for price changes, real merchandise exports declined in June, remaining below their year-ago level. Real nonpetroleum merchandise imports rose in June and were up slightly compared with a year ago.
