USA's trade deficit at a two-year high

The deficit in the USA's trade balance grew to its largest level in two years in July, according to fresh statistics from the USA's Department of Commerce.

Increased goods imports ahead of a feared port strike contributed to the development.

The deficit grew by 7.9 percent compared to June to 78.8 billion dollars. The development was in line with market expectations.

Imports increased by 2.1 percent, while exports increased by 0.5 percent. The statistics are not inflation-adjusted.