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Supply Chain

US Goods Trade Deficit Rises As Exports Fall

The US goods trade deficit widened sharply in July as exports of agricultural products tumbled, suggesting trade will likely be a drag on economic growth in the third quarter.

The Commerce Department said on Tuesday the goods trade gap surged 6.3% to $72.2 billion (€61.7 billion) last month.

Exports of goods dropped 1.7% to $140.0 billion (€119.5 billion), weighed down by a 6.7% plunge in shipments of food, feeds and beverages.

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