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Rebounding Exports Help Narrow U.S. Trade Deficit

The reduction came as China boosted its soybean purchases

The U.S. trade deficit dropped more than expected in January likely as China boosted purchases of soybeans, leading to a rebound in exports after three straight monthly declines.

On Wednesday, the U.S. Commerce Department said the trade deficit declined 14.6 percent, the largest decline since March 2018, to $51.1 billion also as softening domestic demand and lower oil prices curbed the import bill.

Data for December was revised slightly down to show the trade gap widening to $59.9 billion instead of the previously reported $59.8 billion. Economists polled by Reuters had forecast the trade gap narrowing to $57.0 billion in January.

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