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Trade Deficit in U.S. Unexpectedly Shrinks to Five-Month Low

Posted August 06, 2014

Under Economic Issues, International Trade Issues

(Shobhana – Chandra Bloomberg)

The trade deficit in the U.S. unexpectedly narrowed in June, reflecting the biggest drop in imports in a year as the economy moved closer to energy independence.

The gap shrank 7% to $41.5 billion, the smallest since January, from May’s $44.7 billion, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg survey of 66 economists called for a deficit of $44.8 billion. The drop in purchases of foreign goods included declines in autos and cellular phones, while petroleum imports were the lowest in more than three years. Read more here.