With the value of imports showing a notable decrease, the Commerce Department released a report on Wednesday showing the U.S. trade deficit narrowed by more than expected in the month of August.
The Commerce Department said the trade deficit narrowed to $67.4 billion in August from a revised $70.5 billion in July.
Economists had expected the deficit to shrink to $68.0 billion from the $70.6 billion originally reported for the previous month.
The narrower than expected trade deficit in August represents the smallest trade deficit since hitting $66.6 billion in May 2021.
The decrease in the size of the trade deficit came as the value of imports tumbled by 1.1 percent to $326.3 billion, while the value of exports dipped by 0.3 percent to $258.9 billion.
The sharp drop in imports reflected a notable decrease in the value of imports of industrial supplies and materials, including crude oil.
Meanwhile, decreases in exports of industrial supplies and materials and automotive vehicles, parts and engines were partly offset by a jump in exports of consumer goods.
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