Trade Deficit Narrows as Exports Rise to Record
The U.S. trade deficit declined 22.4% in June as crude oil imports fell and U.S. exports rose to a record, the Commerce Department reported.
The gap between imports and exports shrank to $34.2 billion, the lowest level since October 2009, from a revised $44.1 billion in May that was lower than originally reported.
The trade deficit was well below economists’ forecast of $43.5 billion, Bloomberg News reported.
Exports rose 2.2% to $191.2 billion, a record for U.S. goods and services. Imports declined 2.5% to $225.4 billion, a three-month low.
