US trade balance narrows to nine-month low in July
The US trade balance narrowed by $10.2bn in July to a nine-month low of $70.7bn, according to the Bureau of Economic Analysis.
Exports were up 0.2% to a fresh record high of $259.3bn, with a rise in the export of services offsetting a drop in goods shipments, and imports slipping 2.9% to $329.9bn as falling imports of consumer goods and industrial supplies weighed on a rise in shipments of automotive vehicles and parts.
Importantly, the US deficit with China dropped by $3.9bn to $33.0bn in July, with exports rising to $12.8bn and imports decreasing to $45.8bn.
Reporting by Iain Gilbert at Sharecast.com