In June, the U.S. trade deficit—the difference between exports and imports of goods and services—fell $0.7 billion to $37.2 billion. A deficit occurs when imports exceed exports. Both exports and imports increased in June, but the deficit narrowed because exports increased more than imports. The U.S. trade deficit emerged in 1992 and grew steadily until 1998, but it has tripled since then, reaching an all-time high of $37.8 billion in May.
Suggested citation: "International Trade," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-09, pp. 08, 09.01.2002.