The latest data from the United States shows that due to a significant drop in imports, the US goods trade deficit in August significantly narrowed by 16.8%, exceeding market expectations.
According to data released by the Census Bureau of the US Department of Commerce on Thursday (September 25), the US goods trade deficit for August was reported at $85.5 billion (approximately SGD 110.4 billion), which is lower than the average forecast of $95.2 billion by economists.
In August, imports of goods fell by $19.6 billion to $261.6 billion month on month, and exports of goods also fell by $2.3 billion to $176.1 billion.
Since the implementation of Trump's tariff policy, the import of goods into the United States has fluctuated significantly, suppressing overall economic growth in the first quarter but boosting economic performance in the second quarter.
The Bureau of Economic Analysis, under the US Department of Commerce, also raised the US second quarter economic growth rate on Thursday, from the original 3.3% to 3.8%. This is mainly driven by a decrease in imports and an increase in consumption.
Economists currently predict that economic growth in the third quarter will slow down to 2.5%.
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