The U.S. trade deficit shrank unexpectedly in June, as the weak U.S. dollar helped push exports higher and overpowered the effect of record-high prices for imported oil, a Commerce Department report showed on Tuesday.
The trade gap totaled $56.8 billion, down from a revised estimate of $59.2 billion in May. The monthly tally was also much lower than the $61.5 billion midpoint estimate of analysts surveyed before the report.
Both exports and imports of goods and services set records in June, but exports rose by 4.0 percent compared to a 1.8 percent gain for imports.
The deficit totaled $351.4 billion for the first six months of the year, down slightly from $358.4 billion in the same period in 2007.