Trade deficit shrinks

Overall June exports reached $191 billion, $4 billion more than the total of $187 billion in May. Imports fell from $231 billion to $225 billion.

Compared to June 2012, exports were up $6 billion in June 2013. Weakening imports could also reflect a decline in consumer sentiment that several respected surveys reflected for June.

{mosads}The June trade deficit is the lowest in years and came about as export recorded the single largest monthly gain since September 2012.

“Export data from the first half of 2013 show that the United States is on track to exceed last year’s totals, with June exports hitting an all-time record,” Commerce Secretary Penny Pritzker said. “Our efforts are paying off for America’s workers, farmers and ranchers, manufacturers and service providers, and innovators and investors.”

The increase is probably not enough to help President Obama meet his January 2010 goal of doubling U.S. exports in five years, however. Total exports were $1.6 trillion in 2009 and had only improved to $2.2 trillion last year, well short of the $3.2 trillion goal.

Obama is trying to complete a vast TransPacific Partnership free trade area this year and has started talks for a trade deal with the European Union in the hope of furthering his goal.