WASHINGTON — The U.S. trade balance shrank 13.1% in July to $44.8 billion as exports increased and import prices for petroleum products eased, the Commerce Department reported Thursday.
Exports rebounded, increasing by $6.2 billion, or 3.6%, following two months of declines. The gain was led by more exports of industrial supplies, capital goods and autos.
Imports eased for the second month in a row, declining by $500 million, or 0.2%.
July’s drop in the trade deficit was the largest since February 2009. The June trade deficit was revised to $51.6 billion from $53.1 billion reported last month.
Economists polled by Thomson Reuters predicted a $51 billion deficit.