U.S. Trade Deficit Dips in June Along With ‘World Cup Effect’

The U.S. trade deficit in goods and services fell slightly to $73.3 billion in June as America imported fewer foreign computers and pharmaceuticals in the month.

Imports dropped 1.8 percent from the previous month, to $388 billion, though imports from Mexico, Vietnam and South Korea were at record levels.

U.S. exports also fell slightly from a busy month in May, according to data the Commerce Department released on Tuesday. Exports dropped 0.9 percent in the month, to $314.7 billion, as petroleum exports fell back from a historical high the prior month.

The combination decreased the monthly trade deficit, the gap between what the United States imports and what it exports. The U.S. trade deficit in goods and services fell 5.6 percent from the prior month.

But both exports and imports of services hit record levels in June. Diane Swonk, chief economist at KPMG U.S., said that services exports had picked up in part because of increased tourism to the United States — what she called a “World Cup effect.”

“That’s considered an export, along with their purchases of ranch dressing,” she joked.

Ms. Swonk said that imports had actually been relatively strong in June, as companies tried to make foreign purchases ahead of a new round of tariffs. But the trade deficit had been held down in part because of large gold exports, she said, which have tended to fluctuate month to month.