US trade deficit narrows slightly to $70.1 billion in July

The US trade deficit narrowed slightly to $70.1 billion in July as economic recovery overseas helped boost American exports while imports declined.

The Commerce Department reported Thursday that the trade deficit fell 4.3% in July after surging to $73.2 billion in June. The trade deficit represents the gap between what the country exports to the rest of the world and the imports it purchases from other countries.

In July, exports jumped 1.3%, reflecting revived overseas demand, while imports edged down 0.2%.