US trade deficit shrinks to narrowest since 2020

THE US TRADE deficit unexpectedly narrowed in September to the smallest since mid-2020 as exports surged.

- MARK NIQUETTE

The goods and services trade gap shrank nearly 11% from the prior month to $52.8 billion, Commerce Department data showed Thursday. The median estimate in a Bloomberg survey of economists was for a $63.1 billion deficit.

The value of US exports rose 3% to the second-highest level on record, fueled by non-monetary gold and pharmaceutical preparations. Imports increased amore modest 0.6%. The figures aren’t adjusted for inflation.