US Trade Deficit Drops $4.1 Billion In June Due To Record Rise In Exports - Commerce Dept.

WASHINGTON (Pakistan Point News / Sputnik - 05th August, 2020) The US trade deficit declined by $4.1 billion in June due to a record rise in exports, Commerce Department data revealed on Wednesday.

"The goods and services deficit was $50.7 billion in June, down $4.1 billion from $54.8 billion in May, revised," the Bureau of Economic Analysis (BEA)� said in a statement.

The faster growth in exports versus imports led to the smaller trade deficit, the release said. According to AP, the 9.4% jump in exports was a record high.

Exports for June stood at $158.3 billion, or $13.6 billion above that in May, while imports were at $208.9 billion or $9.5 billion more than the previous month.

The BEA said the $4.1 billion decline was largely due to a decrease in money spent on goods versus income received for services. The agency also said due to the COVID�19 crisis many businesses are operating at a limited capacity or have ceased operations completely.

US economic recovery from the COVID-19 crisis has been mixed with employment rebounding by a combined 7.3 million jobs in May and June, after a loss of more than 21 million jobs between March and April.�But the economy itself shrank by a record 32.9 percent in the three months to June, adding to the 5 percent contraction in the first quarter, as business lockdowns forced by the pandemic took a toll on growth.