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U.S. trade deficit shrinks in July by 7.3 percent

Staff writer |
U.S. trade gap narrowed in July as imports fall, the Commerce Department said. The U.S. trade deficit shrank by 7.3 percent from the previous month to $41.9 billion in July.

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In the month, exports went up $0.8 billion dollars or 0.4 percent from June to $188.5 billion dollars, while imports fell $2.5 billion dollars or one percent to 230.4 billion dollars.

In the first seven months of this year, the goods and services trade deficit increased 3.6 percent from the same period in 2014, with exports falling 3.5 percent and imports decreasing 2.2 percent.

Although the trade gap narrows in July, a strong dollar, slowing overseas demand and falling energy prices continue to affect the U.S. manufacturing sector and exports, a recent survey by the Federal Reserve showed Wednesday.

Some districts surveyed noted the strong dollar and slowing economic growth in Asia were dampening demand, and falling energy prices have led to reduction in demand for machinery and metals in some districts.

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