US trade deficit narrows 24% in August

The US trade deficit narrowed in August, backed by a rise in exports and a decline in imports.

According to data released Wednesday by the Commerce Department's Bureau of Economic Analysis, the trade deficit fell by 23.8% to $59.6 billion, compared to about $78.2 billion in July.

US exports in August reached $280.8 billion, an increase of $200 million from July, while imports fell by $18.4 billion to $340.4 billion.

Meanwhile, the overall trade deficit from the beginning of the year till the end of August increased by 25%, or $142.5 billion, compared to the same period last year, with exports rising by $108.4 billion and imports increasing by $250.9 billion.

The data was originally scheduled for release on October 7 but was postponed due to the government shutdown that began early last month and ended recently.