WASHINGTON (MNI) - U.S. June trade data produced a huge surprise, with the trade gap narrowing to -$34.2 billion, its best showing in more than four years, and far better than expectations. This implies further demand for U.S. goods that will boost GDP estimates.

The June result was far better than the approximately -$42.3 billion that the Commerce Department assumed in the Q2 GDP calculation and better than the median estimate in a MNI poll of economists for -$43.2 billion. It was the smallest gap since February 2009, and about two-thirds of the betterment stemmed from non-oil items.

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