WASHINGTON—The U.S. trade deficit widened to a record in June as the resurgent American economy drove strong demand for foreign-made goods.
The foreign trade gap in goods and services expanded 6.7% from May to a seasonally adjusted $75.7 billion, the Commerce Department said Thursday. Imports climbed 2.1% to $283.4 billion, also a monthly record. Exports increased 0.6% to $207.7 billion.
Economists surveyed by The Wall Street Journal expected a deficit of $74.2 billion in June.
The trade report is another example of how American consumers and businesses have stepped up spending and investment as the economy has recovered to its pre-Covid-19 size, fueling demand for imports. Exports have grown more slowly, reflecting weaker recoveries in some other regions that have made less progress against the coronavirus.
The diverging outcomes between countries that are far along in their vaccination campaigns, and those that aren’t, have emerged as a fault line in the global economy. The International Monetary Fund last week raised its growth forecasts for the U.S. and other advanced economies with relatively high vaccination rates against Covid-19, while lowering the outlook for emerging-market countries where vaccination rates have lagged behind, especially in Asia.
