American manufacturers sold more cars, airplanes and industrial machinery in foreign markets in July, sending exports to a record high and pushing the trade deficit down to its lowest level in three months, the Commerce Department reported Thursday.
The trade deficit narrowed to $44.8 billion in July, down 13.1% from June, an improvement that reflected a 3.6% rise in exports to the record level of $178 billion. Imports dipped 0.2% to $126.9 billion as the bill for imported oil dropped 6% to $35.5 billion as crude oil prices fell.
The big jump in exports should provide critically needed support for growth at a time when the United States economy has been in danger of toppling into a recession. Read more here.
