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US trade deficit drops in June on record rise in exports

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.

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 Tacoma in Tacoma, Wash. The U.S. trade deficit rose in March 2020 as the coronavirus outbreak battered America’s trade with the world. The gap between what the United States sells and what it buys abroad rose 11.6% in March to $44.4 billion from $39.8 billion in February. (AP PhotoTed S. Warren, File)