U.S. Goods Trade Deficit Narrows Amid Signs The Global Flow Of Goods Is Improving
- The United States’ trade deficit in goods fell sharply in June as exports rebounded following several months of decline, suggesting a recovery in global trade after being severely disrupted by the Covid-19 pandemic.
- The goods trade deficit dropped 6.1% to $70.6Bn last month. Exports of goods accelerated 13.9% to $102.3Bn, eclipsing a 4.8% increase in goods imports to $173.2Bn. Goods imports fell in May to their lowest level since July 2010.
- The rebound in exports was led by a 144.1% surge in shipments of motor vehicles and parts. Exports of capital goods soared 11.0% and consumer goods jumped 12.6%. There were also increases in exports of industrial supplies and other goods, but shipments of food, feeds and beverages fell.