U.S. trade gap narrowed in September

WASHINGTON, Nov. 13 (UPI) -- The U.S. trade deficit declined in September, the U.S. Bureau of Economic Analysis said Thursday.

Exports in September fell 1.7 percent to $155.4 billion, while imports fell 2.2 percent to $211.9 billion, resulting in a trade deficit of $56.5 billion, down from August's revised figure of $59.1 billion, the bureau said.

The goods deficit decreased by $1.5 billion to $69.6 billion, while the services surplus increased $1.1 billion to $13.1 billion during the month.

From a year ago, the trade gap has gained $1 billion, the report said. Exports in the past 12 months have gained 8.8 percent, or $12.6 billion, while imports have gained $13.6 billion, or 6.9 percent.

The United States recorded surpluses of $1.7 billion with Hong Kong and $900 million with Singapore in September. Smaller surpluses were recorded with Australia and Egypt.

The largest deficit was registered with China, where the trade gap grew to $27.8 billion from $25.3 billion in August. A deficit was also recorded in September with the Organization of Petroleum Exporting Countries, where trades were $13.4 billion in the red, a decline from the gap of $19.2 billion in August.