The U.S.
Commerce Department reported on Thursday
that the U.S. goods and services trade deficit narrowed by 2.5 per cent to $73.1 billion in June compared to a revised shortfall of $75.0
billion (from $75.1 billion) in May. This was the smallest trade
gap in three months.
Economists had forecast
a shortfall of $72.5 billion for June.
According to
the report, the June reduction in the goods and services deficit reflected a
fall in the goods deficit of $2.5 billion to $97.4 billion and a decline in the
services surplus of $0.6 billion to $24.2 billion.
Overall, exports
of goods and services from the U.S. jumped by 1.5 per cent m-o-m to $256.9
billion in June, the highest level in four months, while imports increased by 0.6
per cent m-o-m to $339.0 billion, the highest level since June 2022.
Year-to-date, the goods and services
deficit surged by 5.6 per cent from the same period in 2023. Exports rose by 3.8
per cent, while imports grew by 4.2 per cent.