WASHINGTON — A sharp decline in the trade deficit with other nations suggests the U.S. economy grew this spring at a faster pace than previously estimated, helped by a record level of exports.
The Commerce Department said Tuesday the U.S. trade gap fell more than 22 percent in June from May to $34.2 billion.
That’s the lowest level since October 2009.
American companies shipped more aircraft engines, telecommunications equipment, heavy machinery and farm goods. As a result, exports rose 2.2 percent to an all-time high of $191.2 billion.
Imports declined 2.2 percent to $225.4 billion, in part because oil imports fell to the lowest level in more than two years.
Trade cut nearly a full percentage point from growth in the April-June second quarter, and the economy grew to a lackluster 1.7 percent annual rate of growth, the government said last week.
