Rising oil prices helped narrow the June trade deficit as re-export petroleum prices apparently jumped along with import prices.
The June trade balance was a much better than expected $56.8 billion deficit, as exports surprised at a $6.4 billion surplus and imports advanced a lesser $3.9 billion. Exports reflected a $2.8 billion gain in industrial supplies. In turn, this was mainly in re-exports of oil and related products.
But exports also included a $1.2 billion jump in capital goods centered in engines, generators, and semiconductors, and $600 million in autos and parts. The last might have come after the settlement of a strike at a parts manufacturer.
Imports reflected an expected $5.3 billion jump in oil-related products, offset by drops in consumer and capital goods.
— Market News International