US trade deficit drops in June on record rise in exports

FILE - In this May 11, 2020 file photo, a container ship is docked at Maher Terminals in Elizabeth, N.J. The U.S. trade deficit rose for the third str...
FILE - In this Nov. 4, 2019 file photo cargo cranes are used to take containers off of a Yang Ming Marine Transport Corporation boat at the Port of Ta...

FILE - In this May 11, 2020 file photo, a container ship is docked at Maher Terminals in Elizabeth, N.J. The U.S. trade deficit rose for the third str...

FILE - In this Nov. 4, 2019 file photo cargo cranes are used to take containers off of a Yang Ming Marine Transport Corporation boat at the Port of Ta...

WASHINGTON (AP) — The U.S. trade deficit fell in June for the first time since February as exports posted a record increase, rising twice as fast as imports.

The Commerce Department said Wednesday that the gap between the value of what the United States buys and what it sells abroad fell 7.5% to $50.7 billion in June from $54.8 billion in May. Exports shot up an unprecedented 9.4% to $158.3 billion, and imports rose 4.7% to $208.9 billion.