The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said the trade deficit shrank to $60.2 billion in June from a revised $71.7 billion in May.
The decrease in the size of the trade deficit came amid steep drop in the value of imports, which plunged by 3.7 percent to $337.5 billion in June after slipping by 0.2 percent to $350.3 billion in May.
The report showed a substantial decline in imports of consumer goods, particularly pharmaceuticals, while imports of industrial supplies and materials and automotive vehicles, parts, and engines also fell.
Meanwhile, the Commerce Department said the value of exports dipped by 0.5 percent to $277.3 billion in June after tumbling by 4.1 percent to $278.6 billion in May.
A notable decline in exports of industrial supplies and materials was partly offset by increases in exports of capital goods and consumer goods.
The report also said the goods deficit narrowed to $85.9 billion in June from $97.3 billion in May, while the services surplus crept up to $25.7 billion in June from $25.6 billion in May.