U.S. trade deficit shrinks unexpectedly on soaring exports

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Source: Bloomberg
The U.S. trade deficit shrank more than expected touching the lowest level in 2 years on growing exports in September. The gap narrowed 5.1% to $41.5 billion beating all the estimates and decreasing the gap of $43.8 billion in August. The rally in sales to overseas trade partners increased their demand to a variety of production, such as soybeans, fuel and civilian aircraft. Meanwhile, the imports also rose on improving employment in the United States. In September, exports to the European Union slightly increased to $21.3 billion before seasonal adjustment, whereas South and Central America's purchases surged to a record, boosting the U.S. surplus. However, experts say it is not enough to boost up the economic growth.

"The pace of growth is unusually weak for this stage of a recovery cycle, and uncertainty in the U.S., China and Europe is resulting in cautious business investment.At present, there is no obvious catalyst for economic growth acceleration," said Patrick Fitzgerald, director of investor relations at Emerson Electric.

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