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US trade deficit narrows to lowest since May 2021

US trade deficit narrows to lowest since May 2021
Trade gap down in August to $67.4B as imports fall, official data shows

By Aysu Bicer

ANKARA (AA) -The US trade deficit narrowed to $67.4 billion in August, the lowest since May 2021, marking a decrease in the value of imports, Commerce Department data showed Wednesday.

The figure was slightly below a market consensus of a $67.7 billion gap and down by $3.1 billion from $70.5 billion in July.

Imports fell 1.1% to $326.3 billion, driven by falls in crude and fuel oil, semiconductors, civilian aircrafts, and computers, while exports eased at a much slower 0.3% to $258.9 billion, with main decreases seen for non-monetary gold, crude oil, passenger cars and travel.

Meanwhile, the US merchandise-trade deficit with China rose to $37.4 billion, the biggest shortfall since November 2018, fueled by a rise in imports in the period.

source: News Feed
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