The US trade deficit narrowed sharply in June

The data showed that the US trade deficit shrank by 4.1% to $65.5 billion in June, and May data was revised to show the trade gap shrank to $68.3 billion instead of $69.0 billion as previously reported.

The goods trade deficit with China narrowed by $2.1 billion to $22.8 billion with imports declining by $2.3 billion. China had reported a 14.5% drop in exports year-on-year.

Imports of goods and services fell 1.0% to $313.0 billion, the lowest level since November 2021. Goods imports fell 1.2%, to $253.3 billion, and exports fell 0.1%, to $247.5 billion, the lowest level in 15 months. Goods exports declined by 0.1%. % to 165.1 billion dollars.