U.S. trade deficit shrinks

Sept. 13, 2005 at 9:01 AM
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WASHINGTON, Sept. 13 (UPI) -- The U.S. trade deficit decreased to $57.9 billion in July from $59.5 billion in June, as exports increased and imports decreased.

The figure was about $2 billion less than private analysts had expected.

Petroleum imports rose to a record $18.5 billion, the Commerce Department said Tuesday. Also setting a record were imports of industrial supplies and materials at $42 billion.

However, exports also set a record, hitting $75.7 billion. About $20 billion of that were exports of industrial supplies and materials. And exports of consumer goods hit a record $9.6 billion in July.

Import deficits were set with China, the European Union, Germany and the Organization of Petroleum Exporting Countries.

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