U.S. trade deficit of $70.4 billion in August...down 10.8% month-on-month

The U.S. Department of Commerce said the trade deficit in August this year was $70.4 billion, down $8.5 billion from the previous month.

The deficit was the smallest since March and slightly below expert forecasts compiled by Dow Jones.

Exports rose $5.3 billion from the previous month to $271.8 billion, and imports fell $3.2 billion from the previous month to $342 billion, contributing to the reduction in the trade deficit.

The trade deficit with China was $24.7 billion, down $2.6 billion from the previous month.The

U.S. trade deficit has been on the decline overall since peaking in March 2022, but has been on the rise since the second half of last year to July.