US says 2nd-quarter trade deficit eased slightly
The United States trade deficit improved slightly in the April-June period from the previous three months, as the nation had a $36.02 billion foreign trade imbalance, the Commerce Department reported Wednesday. The report came a day after Commerce Secretary Malcolm Baldrige told a House committee that the US trade deficit might have finally peaked, partly because of the steep drop in the dollar during the past 18 months.Skip to next paragraph
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The Commerce Department said the second-quarter trade deficit was down 1.2 percent from a $36.46 billion deficit in the January-March quarter.
The figures in Wednesday's report cover trade on a balance-of-payments basis, omitting such things as military sales and costs of shipping and insurance.
Imports to the US hit a record $90.02 billion in the April-June quarter, up 0.8 percent from the first quarter of the year. American exports climbed 2.1 percent, to $54.8 billion, largely because of a one-time gold sale to Japan, the department said.