U.S. import drop outpaces export lag
The U.S. trade deficit narrowed 4.4 percent in September to $56.5 billion, down from $59.1 billion in August, as imports experienced a record drop, according to Commerce Department figures released today.
The United States exported $155.4 billion worth of goods in September, down $9.9 billion from August, and imported $211.9 billion worth of goods, or $12.5 billion less than in August.
The import decline was led by lower volumes and prices for crude oil, but merchandise imports for cars, auto parts, consumer goods, industrial supplies and other products were also down.
The goods deficit decreased $1.5 billion in September.
U.S. import drop outpaces export lag
