In this Friday, June 28, 2013 photo, the container ship Baghira, foreground, and the oil tanker Seabulk Arctic, rear, are anchored off shore as they wait to enter Port Everglades in Fort Lauderdale, Fla. The government reports on the U.S. trade deficit for June on Tuesday, Aug. 6, 2013. AP Photo/Wilfredo Lee)
August 06, 2013 - 5:46 AM
WASHINGTON - The U.S. trade deficit narrowed sharply in June to its lowest level in more than three and a half years. Exports rose to an all-time high and imports declined, signs that economic growth is stronger than previously thought.
The Commerce Department says the June deficit fell 22.4 per cent to $34.2 billion. That's the lowest since October 2009 and down from May's imbalance of $44.1 billion, which was revised down.
Exports rose 2.2 per cent to $191.2 billion, reflecting more sales of manufactured goods and farm products. Imports dropped 2.5 per cent to $225.4 billion. Oil imports declined to the lowest level in more than two years.
The smaller deficit could prompt the government to revise economic growth for the April-June quarter up from its initial estimated annual rate of 1.7 per cent
News from © The Associated Press, 2013