WASHINGTON, Oct 5 (Reuters) – The U.S. trade deficit narrowed in August to its lowest level in more than a year, Commerce Department statistics showed on Wednesday, as domestic demand slowed with the sharp rise in Federal Reserve rates having weighed on imports.
At 67.4 billion dollars (68.07 billion euros), the negative balance of the American trade balance fell by 4.3% compared to July. This is a lowest since May 2021.
Economists polled by Reuters on average forecast a slightly larger deficit at 67.7 billion.
The July deficit was revised from $70.7 billion to $70.5 billion.
U.S. imports fell 1.1% in August to $326.3 billion, while exports fell 0.3% to $258.9 billion.
Tableau (Report Lucia Mutikani, Laetitia Volga for the French version, edited by Kate Entringer)