Business Standard

US trade deficit narrows sharply in August on increase in exports

The trade gap contracted 10.8 per cent to $70.4 billion from a revised $78.9 billion in July, the Commerce Department's Bureau of Economic Analysis said

US flag, US, united states

The economy grew at a 3.0 per cent pace in the April-June quarter. | Photo: pexels

Reuters

Listen to This Article

The US trade deficit narrowed sharply in August as exports increased and imports fell, suggesting that trade could be a small drag on economic growth in the third quarter.
 
The trade gap contracted 10.8 per cent to $70.4 billion from a revised $78.9 billion in July, the Commerce Department's Bureau of Economic Analysis said on Tuesday. Economists polled by Reuters had forecast the trade deficit would narrow to $70.6 billion from the previously reported $78.8 billion in July.
 
Trade has subtracted from gross domestic product for two straight quarters. Growth estimates for the third quarter are currently as high as a 3.2 per cent annualized rate. The economy grew at a 3.0 per cent pace in the April-June quarter.
 


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 08 2024 | 7:02 PM IST

Explore News