TRADE DEFICIT SHRINKS TO 4-YEAR LOW

Lisbon portugal container shipping portREUTERS/Rafael MarchanteContainer port in Lisbon, Portugal

The June trade numbers are out, and it looks like economists were way off with their expectations.

The trade deficit shrank to $US34.2 billion from $US44.1 billion in May.

This is the smallest deficit since October 2009 reports Bloomberg.

Economists were looking for a deficit of $US43.5 billion.

Exports climbed 2.2% to a record $US191.2 billion driven by capital goods.

Imports declined by 2.5% to $US225.4 billion on lower oil imports.

Bloomberg notes that the petroleum deficit is at its lowest level since November 2010. During the month, the U.S. imported 234.3 million barrels of oil.

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