The Commerce Department today announced the US trade deficit narrowed in July by 14% to $42.8 billion (£27.8 billion) from $49.90 billion the previous month.
The figure is much improved from June’s figure when the trade gap reached a 20-month high.
According to the Commerce Department, the narrowing in the trade deficit was primarily due to rising exports of aircraft.
The figures showed that imports fell 2% due to a drop in consumer demand for clothing, televisions and toys, and reflect the fact that consumers and businesses are spending less in the world‘s largest economy.
Meanwhile, exports grew by 1.8% to $153.3 billion – the highest since August 2008.
The figures come on the same day that the Office for National Statistics (ONS) revealed the UK’s trade deficit widened in July to a record high, as imports soared and exports fell.
According to the ONS, the goods trade gap widened to £8.667 billion in July, up from £7.532 billion the previous month.
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