U.S. Trade Deficit Declines in June
The U.S. goods and services trade deficit registered at $34.2 billion in June, representing a decrease of nearly $10 billion from the $44.1 billion figure recorded in May. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, released the June data on Aug. 6. Exports in June totaled $191.2 billion, while imports totaled $225.4, according to the 50-page report. The overall U.S. trade deficit decrease in June follows a nearly $5 billion increase in the deficit from April to May (see 13070324).
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There was a $4.1 billion increase in exports from May to June. The data also revealed there was a $5.8 billion decrease in imports during the same period. Increases in industrial supplies and materials, capital goods and consumer goods exports accounted for the export spike from May to June. Decreases in roughly the same product categories caused the import decline during the same period.