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Trade Deficit Shrinks More Than Expected, Commerce Department Reports

The trade deficit shrunk in July, with exports reaching their highest levels in about two years, according to a Commerce Department report released today. Total July exports were valued at $153.3 billion, and total imports at $196.1 billion, resulting in a $42.8 billion deficit.

The exports increase was led by increases in capital goods of $2.3 billion and industrial supplies and materials of $500 million. Vehicles, parts, and engines saw a $400 million decrease. Consumer goods of $1.9 billion; vehicles, parts, and engines of $700 million; and industrial supplies and materials of $400 million marked import decreases.

The lower than predicted deficit should help spur economic growth. If the deficit continues to decrease, it could encourage third quarter GDP growth.

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