U.S. closes trade gap
The United States narrowed its trade deficit by 4.1 percent to $56.8 billion in June from $59.2 billion in May as growth in exports exceeded import growth, according figures released by the Commerce Department on Tuesday.
U.S. exports increased 4 percent to a record $164.4 billion, while imports rose 1.8 percent to $221.2 billion. The reduction in the trade gap came even as prices for a major import commodity – oil – surged. Excluding oil, imports for goods and services declined 1.4 percent in the face of weak U.S. demand.
U.S. closes trade gap
