U.S. trade deficit declined in June

WASHINGTON, Aug. 12 (UPI) -- The U.S. import-export gap shrank in June in spite of an increasing gap in oil products, the U.S. Commerce Department reported Thursday.

Exports in June totaled $164.4 billion, while imports totaled $221.2 billion.

The monthly trade deficit, at $56.8 billion, was smaller than May's trade gap of $59.2 billion.

Since June 2007, the goods and services deficit has been reduced $2.4 billion with exports up $28.7 billion, or 21.1 percent, and imports up $26.3 billion, or 13.5 percent, the report said.

The deficit's 3-month rotating average rose in June, up $100 million, rising from $58.7 billion to $58.8 billion, the U.S. Bureau of Economic Analysis said.

The smaller trade gap in June came in spite of a jump in the country's oil import-export deficit from $32.8 billion in May to $36.4 billion.

Decreased imports in items not related to petroleum helped offset the larger oil deficit. The non-petroleum deficit shrank from $38 billion in May to $32.2 billion in June, the report said.