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News > Economy
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Trade gap shrinks
Exports highest in 13 months while imports sag after booming before possible dockworker strike.
September 18, 2002: 9:01 AM EDT

NEW YORK (CNN/Money) - The U.S. trade gap narrowed in July, the government said Wednesday, as exports of American-made goods surged and imports fell.

The Commerce Department said the trade gap, which measures the difference between imported and exported goods and services, fell to $34.5 billion in July from $37.16 billion in June. Economists, on average, expected the trade gap to shrink to $37 billion, according to Briefing.com.

Exports jumped for the fifth straight month to $82.23 billion, the highest since June 2001, from $82.17 billion in June, indicating that demand for U.S. goods was increasing, partially as a result of a weaker dollar, which was hurt this summer by weaker stock prices, worries about corporate accounting and other woes.

Imports, on the other hand, fell to $117.78 billion from $118.92 billion in June, the first drop following six months of gains and a worrisome hint that domestic demand may have slowed down.

But import activity was exceptionally high in the months leading up to the July 1 expiration of the contract between the International Longshore and Warehouse Union, which represents more than 10,000 West Coast dock workers, and U.S. importers and exporters.

The contract was extended on a day-to-day basis after July 1, averting a strike, and negotiations between workers and importers and exporters have resumed after a long break.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.