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US trade deficit drops in June
The U.S. trade deficit shrank in June, decreasing to $101.5 billion, which was below expectations. This decline was driven by an $8.2 billion drop in imports to $306.2 billion, despite imports rising by 16.6% on an annual basis. This decrease reflects a halt in companies expanding their inventory replenishment efforts and is partly attributed to falling oil prices and the fragile ceasefire between the United States and Iran. Meanwhile, exports fell by $3.8 billion to $204.7 billion, although car exports increased by 5.1%. The reduction in the deficit is expected to lessen the impact of trade on GDP growth, which is forecasted to grow at a rate of 2.1% in the second quarter.
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