U.S. Trade Deficit Narrowed in June as Imports, Exports Rose
By Paul Kiernan
WASHINGTON -- Trade between the U.S. and the rest of the world
picked up in June, with both exports and imports rising as the
global economy began climbing out of the recession caused by the
The deficit narrowed 7.5% from May to $50.7 billion, the
Commerce Department said in a report Wednesday. Exports rose 9.4%
to $158.3 billion in June, while imports rose 4.7% to $208.9
Economists surveyed by The Wall Street Journal had forecast a
trade gap of $50.3 billion.
Fueling the rise in exports was a 14% jump in outbound shipments
of goods, which had cratered in April and May as much of the global
economy was shut down to contain the spread of Covid-19. Exports of
services rose much more slowly at 1%.
U.S. consumer demand picked up in June as parts of the economy
reopened. Unemployment fell, and retail sales picked up as
consumers bought more cars, clothing and electronics.
The automotive industry saw both imports and exports more than
double in June from May as lockdowns eased and showrooms
"The industry has been holding up and recovering well," General
Motors Chief Financial Officer Dhivya Suryadevara told reporters
Write to Paul Kiernan at firstname.lastname@example.org
(END) Dow Jones Newswires
August 05, 2020 09:03 ET (13:03 GMT)
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