US trade deficit narrows to $43.6b in June
WASHINGTON (AP) - The US 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 said on Tuesday that the June deficit fell 22.4 per cent to US$34.2 billion (S$43.56 billion). That's the lowest since October 2009 and down from May's imbalance of US$44.1 billion, which was revised lower.
Exports rose 2.2 per cent to US$191.2 billion in June. US companies shipped more aircraft engines, telecommunications equipment, heavy machinery and farm goods.