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Financial News: U.S. Trade Deficit Narrows Roughly In Line With

U.S. Trade Deficit Narrows Roughly In Line With Estimates In July

09/07/2022 - 08:38:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Wednesday showed the U.S. trade narrowed significantly in the month of July.

The Commerce Department said the trade deficit shrank to $70.6 billion in July from a revised $80.9 billion in June.

Economists had expected the trade deficit to narrow to $70.3 billion from the $79.6 billion originally reported for the previous month.

The trade deficit for July represents the smallest deficit since the $68.2 billion reported for last October.

The narrower deficit came as the value of imports tumbled by 2.9 percent to $329.9 billion, while the value of exports inched up by 0.2 percent to $259.3 billion.

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