The US trade deficit shrank to $57.6 billion in August, as rising exports offset higher costs for imported oil, US government data showed today.
Adjusted for inflation, the deficit was at the lowest level since February 2004, the Commerce Department figures showed.
The trade gap was also better than the average analyst expectation of a deficit of $59.5 billion dollars, and marked a 2.4% drop from July's revised figure of $59 billion.
Exports rose 0.4% in August to a record $138.3 billion, helped by the weak dollar. Imports meanwhile fell 0.4% to $195.9 billion.
Oil prices remained a big factor, accounting for $24.3 billion of the deficit, with the average price of an imported barrel hitting a record $69.09. The other big factor in the deficit was China, which accounted for $22.5 billion dollars of the deficit even though the figure was down 5.4% for the month.
