7 Aug 2013

US trade deficit down

5:33 am on 7 August 2013

The US trade deficit fell by 22.4% to $US34.2 billion in June, the smallest gap since October 2009.

The three-month average of the trade deficit, which irons out monthly volatility, also fell to $US39.5 billion in the three months to June from $US40.5 billion in the previous period.

Meanwhile, May's trade shortfall was revised to $US44.1 billion from the previously reported $US45.0 billion.

The BBC reports imports of goods and services fell by 2.5% to $US225.4 billion in June, mainly because of large declines in petrol imports and of industrial supplies and materials.

Exports of goods and services increased 2.2% to a record $US191.2 billion.

Of those, exports to members of the European Union rose by 1.5%, while exports to China increased by 4.5% in June. Imports from China fell by 2.2%.