US trade deficit drops in June on record rise in exports

The Commerce Department said Wednesday that the gap between the value of what the United States buys and what it sells abroad fell 7.5% to $50.7 billion in June from $54.8 billion in May.

The US trade deficit fell in June for the first time since February as exports posted a record increase, rising twice as fast as imports.

Pedestrians wearing protective masks during the coronavirus pandemic pass by the New York Stock Exchange in New York. (AP)

The Commerce Department said Wednesday that the gap between the value of what the United States buys and what it sells abroad fell 7.5% to $50.7 billion in June from $54.8 billion in May. Exports shot up an unprecedented 9.4% to $158.3 billion, and imports rose 4.7% to $208.9 billion.