DEFICIT NARROWS: The U.S. current account trade deficit narrowed in the April-June quarter to $117.4 billion, 12.1 percent lower than the January-March period. The key measure of trade tracks the sale of goods and services as well as investment flows.
EXPORTS AND OIL: The deficit shrank because U.S. exports increased and oil prices fell, reducing imports. The rise in exports included higher sales of farm goods, led by an increase in soybean shipments.
TRADE PROSPECTS: Economists predict the deficit will widen later this year because slower global growth will dampen demand for U.S. exports and oil prices have risen.