Economic Buzz: US Trade Deficit Narrows To $79.6 Billion In June

5 Aug 2022 , 09:15 AM

Reflecting a jump in exports and a modest decrease in imports, the Commerce Department released a report showing the U.S. trade deficit narrowed by more than expected in the month of June. The trade deficit narrowed to $79.6 billion in June from a revised $84.9 billion in May. The decrease in the size of the trade deficit came as the value of exports surged by 1.7 percent to $260.8 billion in June after jumping by 1.5 percent to $256.5 billion in May. Exports continued to advance as a spike in the value of exports of industrial supplies and materials more than offset a decrease in exports of capital goods, including civilian aircraft. Meanwhile, the report showed the value of imports edged down by 0.3 percent to $340.4 billion in June after falling by 0.6 percent to $341.4 billion in May. A notable decrease in imports of automotive vehicles, parts and engines more than offset increases in imports of capital goods and industrial supplies and materials. The report also showed the goods deficit narrowed to $99.5 billion in June from $104.4 billion in May, while the services surplus widened to $19.9 billion from $19.5 billion.Powered by Commodity Insights