US trade gap narrows in June

The U.S. trade deficit dropped to $42.9 billion in June from a revised $48 billion in May, as imports rose and exports fell, the Commerce Department said. Exports rose to $185 billion in June from a revised $183.3 billion in May, the department's Census Bureau said Thursday in a release. Goods were $132.8 billion in June, up from $130.9 in May, while services were $52.2 billion in June, a drop from $52.4 billion in May. Imports dropped to $227.9 billion in June from a revised $231.4 billion in May, bureau data indicated. Goods were $190.3 billion in June, down from $193.9 billion in May and services were $37.6 billion in June, up from $37.5 billion in May. Goods showed a deficit of $57.5 billion in June, down from $62.9 billion in May, Commerce officials said. The services surplus was $14.6 billion in June, down from $14.9 billion in May.