June 2011 International Trade

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According to data compiled by the Netherlands Bureau for Economic Policy Analysis, world trade volume “plummeted” by 2.2 percent in June from the previous month, following an unrevised rise of 2.3 percent in May. Most major regions shared in the decline, the exceptions being Africa and the Middle East and Japan. In Japan, the recovery of exports from the March natural disaster gained speed. Japanese imports hardly grew, however. The Euro Area’s June performance was particularly poor, with both exports and imports contracting substantially.

Prices slipped 0.4 percent between May and June, but remained 26.6 percent above their February 2009 low.

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The U.S. goods and services deficit expanded by 4.5 percent (to $53.1 billion) in June, its widest gap since October 2008. Exports totaled $170.9 billion (down from $175.0 billion in May), while imports totaled $223.9 billion (down from $215.8 billion in May).
 

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Paper exports decreased by 14,000 tons (0.4 percent) in June, while imports rose by 3,000 tons (0.6 percent). Exports remained 432,000 tons (15.6 percent) above year-earlier levels, but imports were 11,000 tons (2.7 percent) lower.
 

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Softwood lumber exports fell by 9 MMBF (8.2 percent) in June while imports advanced by 17 MMBF (2.4 percent). Exports were 35 MMBF (31.5 percent) higher than year-earlier levels, but imports were 201 MMBF (21.0 percent) lower.