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July trade deficit rises as imports surge to new high
The Commerce Department reports the July trade deficit at 32 billion dollars, up 16.3 percent from June and the largest imbalance in six months. Imports rose 4.7 percent to 159.6 billion, led by autos and auto parts up 21.5 percent and foreign oil imports climbing to 22.4 billion as crude oil prices averaged 62.48 per barrel. Exports increased 2.2 percent.
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