US trade deficit narrows slightly to $70.1 Billion in July

According to the Commerce Department, the trade deficit shrank by 4.3 percent in July after reaching a new high of $73.2 billion in June. The trade deficit is the difference between what a country exports to the rest of the world and what it buys from other countries in terms of imports.

Exports increased 1.3 percent to $212.6 billion in July, reflecting improved international demand, while imports fell 0.2 percent to $282.9 billion.

In July, the goods deficit was $87.7 billion, down from $93.3 billion in June. The services surplus in the United States dipped to $17.7 billion in July, down from $20 billion in June, resulting from weakening air travel this year.

However, a large part of the drop in July was due to higher service imports, which reflected payments made by NBC to cover the Summer Olympics in Tokyo.