US trade deficit narrows slightly to $70.1 billion in July

The U.S. trade deficit narrowed slightly to $70.1 billion in July as economic recovery overseas helped boost American exports while imports declined

The U.S. trade deficit narrowed slightly to $70.1 billion in July as economic recovery overseas helped boost American exports while imports declined. The Commerce Department reported Thursday that the trade deficit fell 4.3% in July after surging to a record $73.2 billion in June. The trade deficit represents the gap between what the country exports to the rest of the world and the imports it purchases from other countries. In July, exports jumped 1.3% to $212.6 billion, reflecting revived overseas demand, while imports edged down a slight 0.2% to $282.9 billion. The politically sensitive goods deficit with China rose 2.9% in July from June to $28.6 billion and totals $187.2 billion through the first seven months of this year, up 15% from the same period a year ago.