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With the value of exports climbing and the value of imports edging lower, the Commerce Department released a report on Thursday showing the U.S. trade deficit narrowed in the month of July.

The Commerce Department said the trade deficit narrowed to $70.1 billion in July from a revised $73.2 billion in June.

Economists had expected the trade deficit to narrow to $71.0 billion from the $75.7 billion originally reported for the previous month.

The narrower trade deficit came as the value of exports jumped by 1.3 percent to $212.8 billion, while the value of imports dipped by 0.2 percent to $282.9 billion.


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