BBC: US trade gap narrows in June on weaker oil prices
The US trade deficit narrowed in June as a steep drop in oil prices helped ease the country's import bill, while exports increased slightly.
The trade gap shrank to $42.9bn (£27.5bn) in June from $48bn in May, the Commerce Department said.
The average price the US had to pay for imported crude oil saw its biggest monthly drop in three and a half years during June, as global demand fell.
US exports also increased, particularly to Europe and Japan.
Overall exports rose 0.9% to a record high of $185bn, with those of cars, drugs and industrial machinery increasing.
Exports of civilian aircraft, engines, and telecommunications equipment also rose.
Overall imports fell 1.5% to $228bn, the lowest in four months.
But the US trade deficit with China increased by 5% to $27.4bn as the US increased imports of Chinese products, primarily of computers, clothing, and mobile phones.
The Commerce Department said last month that the economy grew at a 1.5% annual rate in the April-June quarter.
