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US trade deficit in goods widened in June to US$62.3b
[WASHINGTON] The US trade deficit in goods widened in June to US$62.3 billion from US$59.7 billion a month earlier, according to data issued by the Commerce Department.
The advance report on monthly international goods-only trade, released on Thursday for the first time, will allow Commerce's Bureau of Economic Analysis to incorporate three months of official trade data into its first estimate of quarterly gross domestic product.
Previously, the BEA had two complete months of trade data for goods as well as services to calculate its first estimate of GDP, prompting it to estimate the trade balance for the final month of a quarter.
The advance statistics on the goods trade balance will be released monthly, four to seven days before the more complete report on international trade that includes services. June trade data on merchandise and services will be released Aug. 5.