US trade deficit drops to five-month low in September

WASHINGTON, The US trade deficit for goods and services decreased by USD 2.6 billion (4.7 percent) in September, US Commerce Secretary Wilbur Ross revealed on Tuesday.

, was due to “President Donald Trump’s trade policies are getting results,” the secretary said in a tweet, adding that trade balance with China and Germany has also “improved notably.” The deficit dropped from USD 55.0 billion in August to USD 52.5 billion in September, based on US figures.

According to US financial data website, MarketWatch, these numbers represent a five-month low.

The numbers have been “aided by the first surplus in petroleum since at least 1978 and a decline in imports from Germany and China.” It expected the trade gap to widen more than it did in 2018.

Source: Kuwait News Agency