US Trade Deficit Unexpectedly Shrinks to Smallest Since 2020
Goods and Services Trade Gap Shrank Nearly 11% From the Prior Month to $52.8 Billion
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The U.S. trade deficit unexpectedly narrowed in September to the smallest since mid-2020 as exports surged.
The goods and services trade gap shrank nearly 11% from the prior month to $52.8 billion, Commerce Department data showed Dec. 11.
The median estimate in a Bloomberg survey of economists was for a $63.1 billion deficit.
The value of U.S. exports rose 3% to the second-highest level on record, fueled by non-monetary gold and pharmaceutical preparations. Imports increased a more modest 0.6%.
The figures aren’t adjusted for inflation.
🆕 The nation's deficit in goods and services decreased to $52.8 billion in September from $59.3 billion in August, as exports increased more than imports. — U.S. Census Bureau (@uscensusbureau)
Large monthly swings in trade this year related to U.S. implementation of tariffs have introduced similar volatility in the government’s measure of economic activity — gross domestic product. The September trade figures will help economists fine tune their estimates for third-quarter GDP.
Prior to the monthly report, the Federal Reserve Bank of Atlanta’s GDPNowÌýforecastÌýsaw net exports contributing 0.86 percentage point to third-quarter growth.
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