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The U.S. trade deficit narrowed more than expected in June as petroleum imports dropped to a 3-1/2-year low, suggesting that trade was less of a drag on second-quarter economic growth than initially thought.As a result, economists expect the GDP growth estimate for the April-June quarter to be raised by as much as 0.3 percentage point later this month.In that report, it said the economy expanded at a 4.0 percent annual rate during that quarter after shrinking 2.1 percent in the first three months of the year.Imports fell 1.2 percent in June, the largest drop in a year, to $237.4 billion. That came as petroleum imports declined to $27.4 billion, the lowest level since November 2010, from $28.3 billion in May.
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