WASHINGTON - THE US trade deficit fell 3.5 per cent in Aug to US$59.1 billion (S$87.5 billion) amid a drop in imports and weaker oil prices, government data showed on Friday.
The Commerce Department report was roughly in line with forecasts for a deficit of US$59 billion.
Exports fell 2.0 per cent in the month, the first decline since March, a sign of weaker global economic conditions and a firmer dollar. But imports fell by 2.4 per cent, a result due in part to the sharp drop in petroleum costs.
The report showed exports of US$164.7 billion and imports of US$223.9 billion. However, imports excluding petroleum rose to a record US$144.2 billion.
The politically sensitive deficit with China rose to US$25.3 billion, the highest since Oct 2007, with imports from China hitting a record US$31.8 billion. -- AFP
