U.S. trade deficit in August narrows for fifth straight month amid cooling demand


WASHINGTON, Oct. 5 (Xinhua) -- U.S. trade deficit fell by 4.3 percent in August, marking the fifth straight monthly drop and hitting the lowest level in more than a year, the Commerce Department reported on Wednesday.

In August, the goods and services deficit fell by 3.1 billion U.S. dollars from the previous month to reach 67.4 billion dollars, the report showed.

U.S. imports fell by 1.1 percent to 326.3 billion dollars in August, the lowest level since March. Exports, meanwhile, edged down by 0.3 percent to 258.9 billion dollars, after hitting a record level of 259.6 billion dollars.

Earlier data showed that the trade deficit shrank by roughly 19 percent in April after hitting an all-time high in March. The figure fell by a revised 0.9 percent, 5.8 percent and 12.9 percent in May, June and July, respectively.

"Despite the recent sharp narrowing, the U.S. is still running an outsized deficit compared to prior to what prevailed pre-pandemic," Tim Quinlan and Shannon Seery, economists at Wells Fargo Securities, said in an analysis.

"The sharp narrowing to date can be traced to slower import growth specifically, and the August data position net exports to be a considerable boost to third quarter growth," said Quinlan and Seery.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

Niece of Iran's Supreme Leader urges world to cut ties with Tehran over unrest - online video
Japan PM Kishida's approval hits new low after ministers resign
Thousands throng Anime Festival in Singapore after long COVID hiatus
Russia to bar foreigners from using its surrogate mothers - lawmaker
Zelle users have been scammed out of thousands. How to avoid being targeted on money apps
Private chef stuns TikTok with US$3,500 grocery bill for 36 items. ‘Grossly out of touch’
Snowy Kyiv grapples with power outages amid fears of new attacks
Opinion: How Sam Bankman-Fried exploited the ‘effective altruism’�fad to get rich and con the world
Robot pets help these US seniors make friends
NYPD officers, bystander save man who fell on subway tracks

Others Also Read