US trade deficit narrows in July
The Commerce Department reported that the US trade deficit amounted to $50.1 billion in July, down by 8.9% as imports fell for the first time in almost a year. In July, imports declined by 1.4% to $146 billion while exports rose by 3% to $95.9 billion. The decrease in imports is attributed to the decline in oil imports. The US trade gap with China widened to $14.9 billion in the mentioned period against $11.4 billion recorded in the same period of last year. The US also posted a trade deficit with Germany.