The US trade deficit jumped nearly 9 percent in June to $44.5 billion, marking a 10-month high.
A glut in oil imports has fueled the disparity, along with imported Chinese-manufactured products like computers, cell-phones, and clothing, reports Yahoo Finance.
Economists had previously expected the deficit to rise to just $43.2 billion, noting a change from May where predictions pegged deficit at $41 billion, according to a Market Watch poll.
While the deficit is high, the cause for concern is dampened by the fact that there is increased domestic demand for consumer goods, a sign that Americans are still spending at a healthy rate.
Total exports rose by 0.3 percent to $183.2 billion, and exports of goods raised a half a billion to $120.4 billion, reports Trading Economics. Total imports jumped 1.9 percent to $227.7 billion, following an upward trend as imports rose 1.6 percent in May.
US imports from China rose 2.8 percent, and with imports growing faster than exports the US-China trade deficit grew 2.5 percent–largest gap since last November, reports CNBC.
The US trade deficit, from last year, has some interesting figures when compared to 2016. The goods and services deficit has fallen $5.8 billion since last year, exports have dropped $54.2 billion, and imports have decreased $60 billion, according to Trading Economics.
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