US trade gap narrows
The US trade deficit narrowed in September in a sign that economic growth may have been stronger than previously thought in the third quarter.
The Commerce Department said the trade gap shrank to $64.3bn after hitting a record high of $69bn in August, as exports climbed by $600m to a high of $123.2bn and imports fell for the first time since the start of the year after the price of foreign oil eased.
The narrowing in the trade gap was greater than economists predicted, but left the deficit close to all-time highs, underlining concerns about global imbalances.
The trade deficit with China reached a record of $23bn, a total of $166.3bn for the year to date, and put the deficit with the fast-growing Asian economy on track to surpass last year’s record of $202bn.
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