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US trade deficit shrinks in July as demand surge ebbs

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Washington (AFP) – The US trade deficit fell in July for the first time in three months, the Commerce Department said Thursday, as the vaccine-fueled surge in American consumer demand ebbed and exports picked up. The trade deficit was $70.1 billion in July, according to the report, 4.3 percent lower than the previous month’s downwardly revised figure and a bigger drop than analysts expected. Imports fell very slightly to $282.9 billion, while exports picked up 1.3 percent to $212.8 billion, in what Mahir Rasheed of Oxford Economics described as trade flows reverting after the United States’ va…

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