The U.S. trade deficit fell by 7.4% in July to a seasonally adjusted $41.9 billion, mainly because of lower imports such as cell phones and pharmaceutical products. Economists surveyed by MarketWatch had forecast a deficit of $41.8 billion. Exports rose 0.4% to $188.5 billion in July, marking the first increase in three months, the Commerce Department said Thursday. Imports dropped 1.1% to $230.4 billion. The trade deficit in July was little changed from a year earlier. Exports are down 4.2% since July 2014, however.
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