Tuesday, August 6, 2013

U.S. Trade Gap Narrows in June

The U.S. foreign trade deficit dropped 22% in June to $34.2 billion. The decrease in the deficit is due to a combination of increased exports and decreased imports.

Exports grew by 2.2% to $191.2 billion and imports declined by 2.9% to $225.4 billion. The goods and petroleum deficits contributed to June’s trade gap shrinking. The goods deficit declined from $62.9 billion to $53.2 billion and the petroleum deficit dropped from $20.8 billion to $17.4 billion.

The real goods deficit, which is important to calculate GDP, shrank from $51.9 billion to $43.1 billion.

Read the Census report.

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