The US trade deficit has narrowed to its lowest level since May 2021.
The US trade deficit narrowed in August to its lowest level since May 2021.
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Due to the decline in imports due to the slowing domestic demand, the trade deficit decreased by 4.3 percent in August to 67.4 billion dollars. Foreign trade deficit in July was revised from $70.65 billion to $70.46 billion. Economists had estimated the August trade deficit at $67.7 billion .
According to the data of the US Department of Commerce, imports decreased by 1.1 percent to 236.3 billion dollars in August, while exports decreased by 0.3 percent to 258.9 billion dollars.
