The U.S. trade deficit narrowed to $34.2 bln in June from a downwardly revised $44.1 bln (from $45.0 bln) in May. That was the smallest monthly trade deficit since October 2009. The Briefing.com consensus expected the deficit to fall to $43.4 bln.The BEA assumed the trade deficit widened slightly in June in the advance estimate for second quarter GDP. This huge downward surprise in the trade deficit will likely add at least 0.5 percentage points to second quarter growth.Exports increased by $4.1 bln in June to $191.2 bln from $187.1 bln in May. That was the largest amount of exports, nominal or real, on record.Demand for U.S. produced goods was strong across the board. Industrial supplies and material exports increased by $1.5 bln with petroleum sales accounting for nearly the entire gain. Aircraft shipments helped push capital goods exports up $1.5 bln and consumer good sales rose by $1.0 bln.
The automotive sector (-$0.4 bln) was the only sector that declined in June.Imports levels fell by $5.8 bln in June to $225.4 bln from $231.2 bln in May. Nearly the entire decline in imports was due to a drop in petroleum-based demand (-$2.0 bln) and a softening in cell phone imports (-$1.5 bln). Cell phone imports had risen sharply in April and May following the release of the latest Samsung Galaxy-type phone.Overall, the goods deficit fell by $9.7 bln to $53.2 bln in June from $62.9 in May. The services surplus rose by $0.2 bln to $18.9 bln from $18.7 bln.Net exports of petroleum-based products declined to $17.4 bln in June from $20.8 bln in May. That was the smallest petroleum-based trade deficit since August 2009. In real terms, that was the smallest deficit since data started being collected in January 1994.
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