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US trade gap narrows to two-year low in September

WASHINGTON - The US trade deficit fell in September to its lowest level in more than two years, driven by record exports boosted by a weak dollar that offset high oil import prices, government data showed on Friday.

The trade gap narrowed 0.6 percent from August to 56.5 billion dollars, the Commerce Department said.

The improved performance confounded market expectations of a smaller decline to 58.5 billion dollars, and brought the United States’ trade deficit in goods and services with the rest of the world to a low last seen in May 2005.

The Commerce Department revised lower the August trade deficit to 56.8 billion dollars, down from the 57.6 billion dollars initially estimated.

Exports led the September improvement, rising 1.1 percent to a record 140.1 billion dollars as Americans sold more food as well as industrial, automotive and consumer goods abroad.

Imports climbed 0.6 percent to 196.6 billion dollars, with a rise in capital goods, automobiles and consumer goods offset by a decline in imported industrial supplies.

The trade deficit fell despite a new record-high price of imported oil, which reached an average 68.51 dollars a barrel in September.

Excluding oil, the US trade gap closed to its narrowest level since May 2004.