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US trade deficit narrows in June as imports decline
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The trade deficit contracted 4.1% to $65.5 billion, the Commerce Department said on Tuesday. Data for May was revised to show the trade gap narrowing to $68.3 billion instead of $69.0 billion as previously reported.
Economists polled by Reuters had forecast the trade deficit shrinking to $65 billion. Trade was a small drag on gross domestic product in the second quarter after contributing to growth for four straight quarters.
The economy grew at a 2.4% annualized rate in the April-June quarter. Imports of goods and services declined 1.0% to $313.0 billion, the lowest level since November 2021.
Goods imports tumbled 1.2% to $253.3 billion, the lowest level since October 2021. Exports dipped 0.1% to $247.5 billion.
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