Trade Deficit Falls in July

Washington, DC, Sept. 9, 2010--The trade gap narrowed $7 billion in July to $42.8 billion, according to the Bureau of Economic Analysis.

The widening trade deficit was partially responsible for the big downward revision to U.S. growth in the second quarter.

The major driver was the $4.2 billion decline in imports. Exports rose as well, by $2.8 billion to $153.3 billion. That's the highest exports number in more than two years.

The $7.0 billion change in the trade balance is the largest since February 2009..