Mumbai, Sept. 5 -- With the value of imports spiking, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened more than expected in the month of July.
The Commerce Department said the trade deficit shot up to $78.3 billion in July from a revised $59.6 billion in June.
The wider trade deficit came as the value of imports surged by 5.9 percent to $358.8 billion in July after plunging by 3.6 percent to $338.7 billion in June.
The report showed a sharp increase in imports of industrial supplies and materials, particularly nonmonetary gold, as well as a jump in imports of capital goods.
Meanwhile, the Commerce Department said the value of exports rose by 0.3 percent to $280.5 billion in July after slippin...