Reflecting a sharp increase in the value of exports, the Commerce Department released a report on Tuesday showing the U.S. trade deficit narrowed in the month of June.

The Commerce Department said the trade deficit shrank to $73.1 billion in June from a revised $75.0 billion in May.

The narrower trade deficit came as the value of exports jumped by 1.5 percent to $265.9 billion, while the value of imports rose by 0.6 percent to $339.0 billion.

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