June Trade Gap Narrows, Helped By Rising Exports
WASHINGTON — The Commerce Department says the U.S. trade deficit narrowed in June. U.S. exports soared to an all-time high, even as oil imports also rose.
The trade imbalance fell 4.1 percent to nearly 57 billion dollars. It was the smallest deficit in three months and better than forecast.
Exports of goods and services were at a record, helped by the dollar’s declines earlier in the year, which have made U.S. goods cheaper overseas.
Imports also rose to a record. The increase was driven by a surge in petroleum imports.
Through the first half of this year, the trade deficit is running at an annual rate of nearly 703 billion dollars, up slightly from last year’s deficit.