US trade deficit narrows in July; exports at record high
The OOCL Europe is docked at the Port of Newark in Newark, New Jersey U.S. November 27, 2017. REUTERS/Brendan McDermid
The US trade deficit narrowed in July as exports hit a record high, a trend that could see trade continuing to contribute to gross domestic product in the third quarter.
The Commerce Department said on Wednesday that the trade deficit declined 12.6% to $70.6 billion. Exports of goods and services edged up 0.2% to $259.3 billion, while imports fell 2.9% to $329.9 billion.
Trade added 1.42 percentage points to GDP in the second quarter, despite an overall contraction in economic activity, after being a drag for seven straight quarters.
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