US Trade Deficit Shrinks To 2-Year Lows

The US trade deficit narrowed in June to the tightest since September 2023 as companies scaled back on imports after a massive tariff-front-running surge earlier in the year.

The goods and services trade gap shrank 16% from the prior month to $60.2 billion (slightly better – smaller – than the $61 billion expected)…

Source: Bloomberg

The value of imports fell 3.7% MoM while exports contracted by 0.5% MoM…

Source: Bloomberg

Total imports fell to their lowest since March 2024 while exports dropped to their lowest since January 2025…

Source: Bloomberg

Gold imports plunged to their lowest since 2019…

Source: Bloomberg

Finally, we note that China trade has been wild!!

*US JUNE GOODS EXPORTS TO CHINA RISE 45.4% M/M

*US JUNE GOODS IMPORTS FROM CHINA FALL 6.9% M/M

Which together make for the smallest trade deficit with China since February 2004…

As a reminder, these figures aren’t adjusted for inflation.