WASHINGTON (8/7/13)--Buoyed by surging exports, the U.S. trade deficit narrowed sharply in June, the Commerce Department said Tuesday.
Exports in June increased to the highest monthly level on record and the most since September 2012, indicating stronger demand in the worldwide economy, which likely will have bolstered second-quarter U.S. growth (The Wall Street Journal and MarketWatch Aug. 6).
Exports gained 2.2% in June from May, climbing to a seasonally adjusted $191.17 billion--the highest level ever recorded when adjusted for inflation.
Imports shrank 2.5%--to $225.4 billion--indicating that U.S. demand for goods and services still is tenuous, the Journal said.
The overall result was the U.S. trade gap narrowed 22.4% to $34.22 billion in June.
Stronger global demand for U.S. consumer goods, capital goods, and industrial supplies and materials mostly prompted the surge in exports, the Journal said.