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Page last updated at 14:56 GMT, Tuesday, 12 August 2008 15:56 UK
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US trade deficit shrank in June

Container ship
The US exported more goods and services in June

The US trade deficit shrank in June, as a weak dollar boosted exports to an all-time high, official figures showed.

The US Commerce Department said the trade deficit totalled $56.8bn, down from $59.2bn in May.

Exports of goods and services rose 4% to a record $164.4bn, offsetting a 1.8% rise in imports.

Exports have offered much needed support to the ailing US economy, which is smarting from turmoil in the finance sector and a housing market slump.

Although the dollar has gained ground against the euro and other currencies in recent weeks, its earlier decline helped make US goods cheaper on international markets.

Our weak economy is damping the demand for imports
Gary Thayer, Wachovia Securities

US Trade Representative Susan Schwab said the strong export growth showed that US companies were internationally competitive.

"To encourage further growth in our exports, Congress needs to act to level the trade playing field for American workers, farmers, and entrepreneurs in three key markets - Colombia, Panama, and South Korea," she added.

The rise in imports was driven by a 14.6% surge in petroleum imports and analysts said lower demand for imported consumer goods showed that demand was slowing.

"Our weak economy is damping the demand for imports. In particular, if you exclude oil, we saw imports decline in June," said Gary Thayer, senior economist at Wachovia Securities.



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