The U.S. Commerce Department reported on Wednesday that U.S. the goods and services trade deficit narrowed to $50.7 billion in June from a revised $54.8 billion in the previous month (originally a gap of $54.6 billion).

Economists had expected a deficit of $50.1 billion.

According to the report, the June decrease in the goods and services deficit reflected a decline in the goods deficit of $4.0 billion to $72.2 billion and an advance in the services surplus of $0.1 billion to $21.5 billion.

In June, exports of goods and services from the U.S. climbed 9.4 percent m-o-m to $158.3 billion, while imports rose 4.7 percent m-o-m to $208.9 billion, in part, due to the impact of COVID-19, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travelers across borders was restricted.

Year-to-date, the goods and services deficit declined 7.8 percent from the same period in 2019. Exports plunged 15.7 percent, while imports tumbled 14.2 percent.