Market Updates
U.S. Trade Deficit Dropped to 3-year Low
Brian Turner
05 Oct, 2023
New York City
The U.S. international goods and services deficit declined in August after exports expanded and imports shrank in the month.
Export in the month rose 1.6% from the previous month to $256 billion and imports eased 0.7% to $314.3 billion, resulting in a 9.9% decline in trade deficit to $58.3 billion, the Bureau of Economic Analysis reported Thursday.
From a year ago, the goods and services deficit decreased $137.6 billion, or 20.7%, from the same period in 2022, after exports increased 1.1% to $22 billion and Imports decreased 4.3% to $115.6 billion.
Increases in sales of capital goods, consumer goods, automotive vehicles and crude oil led the increase in exports.
Declines in purchases of cell phones, semiconductor chips and petroleum products led to the decline in imports.
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