Business briefing

The U.S. trade deficit narrowed in June as exports hit the highest level in 2
The Commerce Department said Friday that the trade gap slid 5.9 percent in June to $43.6 billion.
Exports of goods and services rose 1.2 percent to $194.4 billion, the highest amount since December 2014 on higher foreign demand for American soybeans, computer accessories and other products. Services exports reached a record $65.4 billion.
U.S. exports may be getting a lift from a pickup in global economic growth and a drop in the value of the U.S. dollar against other currencies. A weaker dollar makes American products a better bargain in foreign markets.
Overall imports slipped 0.2 percent to $238 billion on a drop in demand for cellphones and other household goods.
So far this year, the trade deficit is up 10.7 percent to $276.6 billion.
President Donald Trump has vowed to bring down America’s trade deficits, saying they are caused by bad trade deals and abusive practices by China and other U.S. trading partners.
The deficit in goods with China rose 3.1 percent in June to $32.6 billion and is up 6.1 percent to $170.7 billion so far this year.
Italian grape harvest starts early
The Italian grape harvest is having its earliest start in a decade, due to the effects of the heatwave and drought.
Producers of bubbly spumante in the Franciacorta area of Lombardy in northern Italy started to gather grapes Friday, 10 days before last year’s harvest began.
The Coldiretti agricultural lobby said Italian wine production is expected to be 10 percent to 15 percent lower than last year due to weather conditions, which included in some areas an early bloom followed by late frost, while violent hailstorms struck elsewhere.
Last year, Italy produced 5.16 billion liters of wine. Coldiretti said this year’s production would depend on weather conditions in the coming months.
Furloughs imposed in Puerto Rico
A federal control board overseeing Puerto Rico’s crisis-wracked finances announced Friday that it will impose furloughs for the first time in the U.S. territory’s history.
Furloughs of up to two days a month will start Sept. 1 and apply to all government employees except police, said Natalie Jaresko, the board’s executive director.
The furloughs are needed because the administration of Gov. Ricardo Rossello has not achieved $218 million in savings as part of an overall $880 million in savings required by the board, Jaresko said.
The meeting turned contentious after the announcement, with Puerto Rico officials rejecting the board’s decision.
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