The US trade gap shrank by a sharper than expected 3.7% in September as exports rose to a record high, despite a new record deficit with China.
US government figures showed that the trade gap narrowed to a seasonally adjusted $51.6 billion in September from $53.5 billion in August. Many analysts had predicted no change in the trade shortfall.
Exports of goods and services rose 0.8% from the previous month to an unprecedented $97.5 billion, while imports fell 0.8% to $149 billion.
A breakdown showed that the deficit with China increased 0.9% to a record $15.5 billion, while the shortfall with Japan eased 5.3% to $6.1 billion. The gap with OPEC members also narrowed 4.4% to $6.7 billion.
