Economics
U.S. Merchandise Trade Gap Narrows for First Time in Four Months
- Exports climbed by a record 13.9% in broad advance in June
- Value of trade picks up, still well below pre-pandemic level
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The U.S. merchandise trade gap unexpectedly narrowed in June for the first time in four months as exports jumped by the most on record, signaling the pace of global commerce is stabilizing.
The overall balance shrank to $70.6 billion last month from $75.3 billion, Commerce Department data showed Wednesday. The median projection in a Bloomberg survey of economists called for a $75.4 billion shortfall in June. Exports surged 13.9% from May to $102.6 billion, and imports increased 4.8% to $173.2 billion.