The U.S. Bureau of Economic Analysis announced last Friday that the trade in goods and services deficit went down by $0.2 billion in June from the month before. While this may not seem like much, it’s good news after two months of increases in the trade deficit.
The decrease in the overall deficit was caused by a $0.8 billion decrease in the goods deficit, which was partially offset by a $0.6 decrease in the services surplus. Exports decreased by $1.7 billion and imports decreased by $0.6 billion, both during the three months ending in June.
The decrease in exports was led by fewer consumer goods (like diamonds) and capital goods (like computer accessories) being sold. The decrease in imports was led by fewer industrial supplies (such as petroleum) and consumer goods (cell phones) being bought.