The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3-1/2 years as imports reversed the prior month’s spike, suggesting an upward revision to second-quarter growth.
The Commerce Department said on Tuesday the trade gap fell 22.4 percent to $34.2 billion, the smallest since October 2009. The percentage decline was the largest since February 2009.
May’s shortfall on the trade balance was revised to $44.1 billion from the previously reported $45.0 billion.
Economists polled by Reuters had expected the trade deficit to narrow only to $43.5 billion in June.