WASHINGTON (MarketWatch) – An early look at U.S. trade patterns in July showed a big surge in the nation’s trade deficit. The trade gap in goods jumped 11.7% to $79.3 billion, the government said Friday. Goods imports and exports both climbed almost 12% in July, but trade still hasn’t recovered from the coronavirus pandemic. The virus has caused massive disruptions in trade flows across the world, with imports and exports of the U.S. and most other countries sharply lower compared to a year earlier. The government will release overall trade numbers next week. An advanced look at wholesale inventories, meanwhile, showed a 0.1% decrease in July. And an early look at retail inventories reflected a 1.2% advance.
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