The U.S. trade deficit narrowed in July as exports hit a record high, a trend that could see trade continuing to contribute to gross domestic product in the third quarter.
The Commerce Department said on Wednesday that the trade deficit declined 12.6 percent to $70.6 billion. Exports of goods and services edged up 0.2 percent to $259.3 billion, while imports fell 2.9 percent to $329.9 billion.
Trade added 1.42 percentage points to GDP in the second quarter, despite an overall contraction in economic activity, after being a drag for seven straight quarters.
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