U.S. trade deficit narrows in June

The U.S. trade deficit for the month of June narrowed. The trade balance came in a deficit of USD 43.6 billion as compared with the consensus expectations of USD 44.5 billion. The improvement in trade balance was mainly due to a strong rise in exports growth and modest drop in imports.

Total exports grew 1.2 percent sequentially, the second straight monthly drop, and were driven by solid services and goods exports. Total imports dropped 0.2 percent sequentially, driven mainly by a drop in goods imports. The trade deficit data were greatly as expected, and in line with the assumptions made in the advance estimate of the second quarter GDP, noted Barclays in a research report. Barclays Q2 tracking estimate was kept unchanged at 2.45 quarter-on-quarter.

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