The US trade deficit dropped -10.8% MoM in June to $86.0 billion (vs $98.4 billion expected), the smallest deficit since August 2023.

• Consumer goods imports saw the largest decline, dropping -12.4% MoM, followed by industrial supplies, down -5.5% MoM.
• Wholesale inventories rose 0.2% MoM and 1.5% YoY in June 2025, while retail inventories increased 0.3% MoM and 2.5% YoY.
• Durable goods wholesale inventories rose 0.1% MoM, while nondurable goods inventories rose 0.3% MoM and 3.8% YoY.
• Retail inventories excluding autos were unchanged MoM but up 4.2% YoY.
• Motor vehicle and parts dealer inventories rose 0.9% MoM but remained down -1.0% YoY.