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U.S. Imports Decline to Lowest Level Since 2021

As consumers continue to shift spending away from goods and toward services, both imports and the U.S. trade deficit are declining.

By Augusta Saraiva | August 08, 2023 at 02:10 PM
Stock photo: U.S. imports arrive in-country

The U.S. trade deficit shrank in June as imports slid to the lowest level since 2021, reflecting more moderate consumer demand for merchandise.

The United States’ shortfall in goods and services trade narrowed by $2.8 billion, to a three-month low of $65.5 billion, Commerce Department data showed Tuesday. The figures aren’t adjusted for inflation. The median estimate in a Bloomberg survey of economists called for a $65 billion deficit.

The value of total imports declined 1 percent, to the lowest level since November 2021, reflecting decreases in the value of capital goods and industrial supplies. Exports eased 0.1 percent.

Imports have largely been decreasing since they peaked early last year, as shifts in consumer spending translate into lower demand for foreign-made products. Americans have steered more of their purchases toward services and away from goods, and some are also growing more discerning about their spending. That’s encouraged retailers to focus on bringing inventories more in line with sales.

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