The U.S. trade balance improved more than analysts projected in June, as government data released Tuesday showed a notable drop in imports.
According to the Commerce Department, the trade deficit narrowed to $60.2 billion for the month, down from a revised $71.7 billion in May. Economists had anticipated a smaller contraction, with forecasts pointing to a $61.6 billion shortfall.
The improvement was largely driven by a sharp 3.7% decline in imports, which totaled $337.5 billion. Exports also edged lower by 0.5% to $277.3 billion, but the decline was more modest, contributing to the overall reduction in the trade gap.
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