U.S. Trade Deficit In August Narrows For Fifth Straight Month Amid Cooling Demand
Fahad Shabbir (@FahadShabbir) Published October 06, 2022 | 04:10 PM
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.
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.
Recent Stories
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
3 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
4 days ago -
Cattle farming vital to alleviate poverty in rural areas
4 days ago -
Pakistan: A land of tourism, archeological wonders
4 days ago
-
Transforming education sector: from job hunters to job creators
6 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
10 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
16 days ago