The United States trade deficit shrank by $4.4 billion in June, falling to $73.3 billion from a revised $77.6 billion in May, according to a joint release from the U.S. Census Bureau and the Bureau of Economic Analysis.
The drop was driven mostly by a steep fall in imports. June imports totaled $388.0 billion, down $7.3 billion from May. Exports also declined, coming in at $314.7 billion, a decrease of $2.9 billion from the month before.
The goods deficit fell $3.9 billion to $102.1 billion. The services surplus grew by $0.5 billion, reaching $28.8 billion. Together, those two shifts produced the overall improvement in the monthly trade balance.
On the import side, the biggest pullbacks came in capital goods and consumer goods, each falling $2.1 billion. Computer imports dropped $3.0 billion. Pharmaceutical preparations fell $1.9 billion. Telecommunications equipment moved in the opposite direction, rising $1.1 billion.
Exports of goods fell $4.0 billion to $206.9 billion. Crude oil exports dropped $5.7 billion. Industrial supplies and materials fell $3.3 billion. Fuel oil was down $1.6 billion. Nonmonetary gold was a notable exception, rising $3.4 billion. Exports of services climbed $1.1 billion to $107.8 billion, with financial services up $0.5 billion and travel up $0.4 billion.
Year-to-date, the picture looks significantly better than 2025. The cumulative goods and services deficit through June fell $189.3 billion, or 33.8 percent, compared to the same period last year. Exports for the year are up $198.3 billion, an increase of 11.7 percent. Imports have grown only $9.0 billion, or 0.4 percent.
The three-month moving average tells a more cautious story. The average deficit for the three months ending in June rose $5.6 billion to $68.5 billion. Average imports for that period increased $4.2 billion, while average exports fell $1.3 billion. Year over year, the three-month average deficit is up $6.6 billion from June 2025, with average imports growing $42.1 billion against an export gain of $35.6 billion.
