U.S. Goods Trade Deficit Shrinks Sharply in June

The U.S. goods trade deficit narrowed by a wider-than-expected margin in June, as imports fell sharply—particularly in consumer goods—potentially lifting estimates for second-quarter economic growth.

The Commerce Department reported Tuesday that the trade gap in goods narrowed to $86.0 billion, down from $96.4 billion in May. Economists had expected a deficit of around $99 billion.

While exports dipped 0.6 percent to $178.2 billion, imports fell 4.2 percent to $264.2 billion, driven by a steep 12.4 percent drop in consumer goods imports. Imports of industrial supplies were down 5.5 percent, and automotive imports declined 2.0 percent.

The sharp…

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