August 15, 2007

US trade deficit at four-month low as meat exports increase

The US trade deficit dropped to a four-month low in June, the US Commerce Department said Tuesday, as meat, corn and other farm-good exports hit record highs.

The trade deficit was US$58.1 billion in June, a 1.7 percent decrease from the month earlier, the department said.

Exports of goods and services were up 1.5 percent, reaching US$134.5 billion, on farm-product increases as well as higher auto sales. Imports were up too, as foreign crude oil purchases reached the highest level in nine months, the department reported.