US foreign trade deficit falls a bit more than expected in June

America's shortfall on trade with the rest of the world in goods and services shrank a bit more than expected in June amid a sharp jump in exports.

According to the Department of Commerce, in seasonally adjusted terms, the foreign trade deficit fell 6.2% on the month to reach -$79.6bn.

Economists had penciled-in a deficit of -$81.5bn.

Exports were up by 1.7% month-on-month to $260.8bn, while imports dipped 0.3% to $340.4bn.

Nonetheless year-to-date the deficit had yawned wider by about a third or -$134.1bn with exports rising by 20% but imports ahead by 23.3%.

In June, exports grew by $3.5bn, led by a $4.7bn increase in those of industrial supplies, including $1.6bn of natural gas.

The $1.2bn decline in imports meanwhile was spearheaded by a $2.7bn drop in those of automotive vehicles, parts and engines.