US trade deficit narrows 4.7% in September on higher exports

The US trade deficit shrunk by 4.7 percent in September on the back of higher exports of farm crops, including soy beans, MarketWatch reported, citing official data.

The trade gap shrank to $63.9 billion from $67 billion in August after it widened to a near record high during the summer due to the repercussions of the coronavirus (COVID-19) pandemic.

US exports grew by 2.6% to $176.4 billion in September as soybean exports to China represented much of the increase, while exports inched up by 0.5% to $240.2 billion.

Imports of automobiles increased, whereas imports of mobile phone and other consumer products dropped significantly.