U.S. Trade Deficit In August Narrows For Fifth Straight Month Amid Cooling Demand
WASHINGTON, Oct 6 (UrduPoint / Pakistan Point News - 6th Oct, 2022 ) :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.
"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.