The OECD trade deficit in goods and services with the rest of the world continued deteriorating during the second quarter of 2010, according to new balance of payments data. The deficit was 62.2 $US billion in the second quarter of 2010, after a 37.4 $US billion deficit reported in the first quarter.

The value of imported goods rose by 2.1% over the first quarter of 2010, outpacing a 0.8% growth in goods exports and providing the main driver for the deteriorating deficit. The increased deficit in goods was partly offset by an increased trade surplus in services. Exports of services fell by 1.5%, while imports of services were down 2.5% marking the second consecutive quarter that trade in services values have fallen.

Balance of Payments: OECD Trade Values
In US$ billion