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US trade deficit shrinks 4.7% in September on higher exports

US trade deficit shrinks 4.7% in September on higher exports

Mubasher: The US trade deficit narrowed by 4.7% in September on the back of higher exports of farm crops, including soy beans, MarketWatch reported on Wednesday, citing official data.

The trade gap shrank to $63.9 billion from $67 billion in August after it widened to a near record high during the summer due to the repercussions of the coronavirus (COVID-19) pandemic.

US exports grew by 2.6% to $176.4 billion in September as soybean exports to China represented much of the increase, while exports inched up by 0.5% to $240.2 billion.

Imports of automobiles increased, whereas imports of mobile phone and other consumer products dropped significantly.