Tuesday, September 14, 2010

U.S. Trade Deficit Narrows Sharply in July

(Industry Week – Agence France-Presse)

Exports reach highest level in two years

The U.S. trade deficit dropped more than expected in July as exports reached their highest level in two years, official data showed Thursday, boosting hopes for the U.S. economic recovery. The trade deficit dropped to $42.8 billion in July, a 14% decline from the previous month’s revised figure of $49.8 billion – its highest level in 20 months, the Department of Commerce said.

The total July exports rose 1.8% to $153.3 billion from June to its highest level since August 2008 on the back of strong sales of aircraft, industrial machinery, computers and telecommunications equipment, it said. Imports fell 2.1% to $196.1 billion in July from the previous month. Read more here.