The U.S. trade deficit narrowed sharply in August to its lowest level in five months, as exports surged to a record high, the U.S. Census Bureau reported on Oct. 8.
The goods and services deficit, also known as the trade gap, fell to $70.4 billion in August, down from a revised $78.9 billion in July, according to the report. The August trade deficit was slightly less than the $70.6 billion forecasters expected.
August’s deficit decline represents a 10.8 percent decrease from the prior month’s figures, as exports climbed 2 percent, to hit an all-time high of $271.8 billion. Imports edged down 0.9 percent, to $342.2 billion….