The U.S. trade deficit fell 7.4% in July, mainly because of smaller quantities of imports such as cell phones and pharmaceutical products. Exports rose for the first time in three months.
Exports rose 0.4% in July to $188.5 billion, led by stronger sales of U.S. cars as well as industrial equipment. Yet despite this increase, exports were still 4.2% lower compared with one year ago. Large American companies such as manufacturers that rely heavily on sales outside the U.S. have been hurt by a stronger dollar and weak global growth. Foreign buyers can’t afford to spend as much on more expensive American-made goods