Broadest U.S. Trade Deficit Measure Falls
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WASHINGTON — The deficit in the broadest measure of U.S. trade narrowed to $30.9 billion from July through September, the smallest imbalance in three years, the government said today.
The Commerce Department said America’s deficit in its current account fell by 8.4% from a second-quarter level of $33.7 billion as U.S. manufacturers continued to enjoy a boom in export sales.
The current account is the most important trade statistic because it measures not only trade in merchandise but also trade in investments and other services. The third-quarter deficit was the smallest imbalance since a $27.6-billion deficit in the third quarter of 1985.
Half the improvement in the latest quarter came from a 5.6% decline in the merchandise deficit as exports of both agricultural products and merchandise increased.
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