US June Trade Deficit Decreases Due to Export Growth

[Asia Economy New York=Correspondent Baek Jong-min] As manufacturing operations resumed in the United States, exports surged significantly, halting the increase in the trade deficit.

The U.S. Department of Commerce announced on the 5th (local time) that the trade deficit for June was $50.7 billion, a 7.5% decrease from $54.8 billion in May.

The reduction in the U.S. trade deficit is the first decline in four months since the increase began in March, when the COVID-19 pandemic started.

The decrease in the deficit was due to exports increasing at a much higher rate than imports. Exports surged 9.4% to $158.3 billion, while imports rose 4.7% to $208.9 billion.

The increase in exports for June was the largest since 1992, and the increase in imports was the largest since March 2015.