The U.S. Commerce Department reported on Thursday that the U.S. goods
and services trade deficit narrowed to $79.6 billion in June compared to a
downwardly revised $84.9 billion (from $85.5 billion) in May. This was the
smallest trade gap so far this year.
Economists had predicted a shortfall of $80.1 billion.
According to the report, the 6.2 percent m-o-m decrease in the goods and
services deficit in June was due to a decline in the goods deficit of $4.9 billion
to $99.5 billion and a rise in the services surplus of $0.3 billion to $19.9
billion.
Overall, exports of goods and services from the U.S. jumped 1.7 percent
m-o-m to $260.8 billion in June, while imports edged down 0.3 percent m-o-m to
$340.4 billion.
Year-to-date, the goods and services deficit climbed 33.4 percent from
the same period a year ago. Exports surged 20.0 percent, while imports climbed
23.3 percent.