Trade gap shrinks more than forecast as imports drop
Exports to China down 1.9% while imports from there dip 0.2%, leaving US-China trade deficit at US$31.6b, up 0.4%
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Washington
THE US trade deficit shrank more than forecast in July as imports of mobile phones and pharmaceuticals dropped, while exports were little changed.
The gap decreased 7.4 per cent to US$41.9 billion, the smallest since February, from a revised US$45.2 billion in June that was wider than previously estimated, the Commerce Department reported on Thursday in Washington. The median forecast in a Bloomberg survey of 71 economists called for a deficit of US$42.2 billion.
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