In June, the U.S. trade gap got smaller because imports fell to their lowest level in more than 1 1/2 years. This could be a sign that domestic demand is slowing.
On Tuesday, the Commerce Department said that the trade imbalance went down by 4.1% to $65.5 billion. The trade gap in May went down from $69.0 billion to $68.3 billion, which is less than what was originally stated. Reuters polled economists, and they said that the trade imbalance would go down to $65 billion.
The U.S. trade deficit narrowed in June as imports dropped to the lowest level in more than 1-1/2 years, potentially signaling slowing domestic demand. The trade deficit contracted 4.1% to $65.5 billion, the Commerce Department said on Tuesday.
— CGTN America (@cgtnamerica) August 8, 2023
After helping the economy grow for four straight quarters, trade had a small negative effect on GDP in the second quarter. In the April-June quarter, the economy grew at a rate of 2.4% per year.
Want some related articles? We have covered some top news. You can check the…
Imports of goods and services fell by 1.0% to $313 billion, which is the lowest amount since November 2021. Imports of goods went down 1.2% to $253.3 billion, which is the lowest amount since October 2021. Exports fell by 0.1%, to a total of $247.5 billion. Goods exports also went down by 0.1% to $165.1 billion. (Lucia Mutikani did the reporting, and William Maclean did the editing.)
Please stay connected with us on venturejolt.com for more articles and recent news.