The U.S. trade deficit saw a modest decline in June, dropping to $73.1 billion, a 2.5% decrease from May’s figures. This reduction, however, fell short of the 3.4% decline that economists had anticipated. The narrowing of the deficit was largely driven by a 1.5% increase in exports, which rose to $265.9 billion in June.
- Exports of goods experienced a significant boost, climbing by 3.0% to $174.2 billion. This increase was somewhat offset by a 0.4% decline in services exports, which amounted to $91.7 billion.
- Imports saw a slight uptick of 0.6%, bringing total imports to $339 billion in June. This was driven by a 1.5% increase in imported goods, totaling $271.6 billion, and a marginal 0.2% rise in services imports, which reached $67.5 billion.
Goods & Services: As a result of these shifts, the goods deficit narrowed to $97.4 billion, while the services surplus experienced a slight decline, settling at $24.2 billion. The changes in both the goods and services sectors reflect ongoing adjustments in global trade dynamics, influenced by factors such as supply chain disruptions and shifts in consumer demand.
