Trade Deficit Narrows Unexpectedly As Export Prices Surge

The Trade deficit unexpectedly narrowed in May, shrinking to $59.8 billion from $60.5 billion in April (vs. consensus of $62.2 billion). Export prices, meanwhile, surged from 0.9% in June, up from a growth rate of 0.4% the month prior. Import prices stayed steady at 0.3% from 0.5% the previous month.

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