US Trade Deficit Decreases

The Bureau of Economic Analysis reports that the US trade deficit significantly improved in June.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department ofCommerce, announced today that total June exports of $185.0 billion and imports of $227.9billion resulted in a goods and services deficit of $42.9 billion, down from $48.0 billion inMay, revised. June exports were $1.7 billion more than May exports of $183.3 billion. Juneimports were $3.5 billion less than May imports of $231.4 billion.

In June, the goods deficit decreased $5.4 billion from May to $57.5 billion, and the servicessurplus decreased $0.3 billion from May to $14.6 billion. Exports of goods increased $1.8billion to $132.8 billion, and imports of goods decreased $3.6 billion to $190.3 billion.Exports of services decreased $0.2 billion to $52.2 billion, and imports of services increased$0.1 billion to $37.6 billion.

The goods and services deficit decreased $7.4 billion from June 2011 to June 2012. Exports were up $12.3 billion, or 7.1 percent, and imports were up $4.9 billion, or 2.2 percent.

At only $42.9 billion, this is the lowest trade deficit since December of 2010.