The U.S. trade deficit in goods and services rose to a record high in June, largely due to a surge in imports as businesses built up inventories to meet robust consumer demand. The Commerce Department said in an Aug. 5 statement (pdf) that the trade deficit—the difference between exports and imports of goods and services—rose by 6.7 percent in June, hitting an all-time high of $75.7 billion. Imports climbed to a record high as well, rising by 2.1 percent over the month to $283.4 billion. Exports edged up by just 0.5 percent in June to $207.7 billion. The June increase in the trade deficit was driven by a rise in the goods deficit of $4 billion to $93.2 billion and a drop in the services surplus of $700 million to $17.4 billion. In the year-to-date, the trade deficit increased by 46.4 percent to $135.8 billion compared to the same period …
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