Trade gap in Sept narrows to 7-month low as fuel imports fall
Shrinking deficit eases concerns that slower global growth, stronger dollar will hurt US economy
Washington
THE US trade gap shrank in September to a seven-month low, reflecting declining purchases of foreign fuel as the world's largest economy continued its drive toward energy independence.
The deficit decreased 15 per cent to US$40.8 billion from a revised US$48 billion in August, the Commerce Department reported Wednesday in Washington. The median forecast in a Bloomberg survey of 67 economists called for a deficit of US$41 billion. Demand for petroleum produced abroad fell to the lowest level in more than a decade, while exports climbed.
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