The US trade deficit narrowed to a three-month low of $65.5 billion in June 2023 from a downwardly revised $68.3 billion in May, and roughly in line with market expectations of a $65 billion gap. Imports declined 1% to $313 billion, the lowest level since November of 2021, led by falls in purchases of computers, finished metal shapes, crude oil, artwork and other collectibles, gem diamonds and travel. On the other hand, imports increased for nonmonetary gold, passenger cars and pharmaceutical preparations. Exports edged down 0.1% to $247.5 billion, the lowest since March last year, dragged down by sales of crude oil, fuel oil, natural gas, pharmaceutical preparations, civilian aircraft and transport. Exports were up for nonmonetary gold, gem diamonds, other industrial machinery and telecommunications equipment. The deficit with China decreased $2.1 billion to $22.8 billion in June. The balance with the UK shifted to a deficit of $0.8 billion from a surplus of $1.2 billion in May.