The United States trade deficit narrowed by 5.6% month-over-month in June, falling to $73.3 billion, according to data released by the US Commerce Department.
The deficit reduction occurred as US imports fell by 1.8% month-over-month to $388 billion in June, marking the first decline in imports since the start of the year.
US exports also saw a decrease, falling by 0.9% month-over-month to $314.7 billion during the same period.
The change in the US trade deficit from May to June
Deficit and surplus contributors
In terms of trade surpluses, the United States saw its largest gains in June with the Netherlands ($7.2 billion) and South and Central America ($5.6 billion). Additional surpluses were noted with Hong Kong ($3.2 billion), Switzerland ($2.9 billion), the United Kingdom ($2.2 billion), Singapore ($1.8 billion), Saudi Arabia ($1.8 billion), Brazil ($1.7 billion), Australia ($1.3 billion), and Belgium ($900 million).
The June deficit figure was slightly above market expectations, which had projected a deficit of $73 billion. The May trade deficit was revised to $77.6 billion. Michael McKee reported on the narrowing deficit on Bloomberg Television.
