The U.S. trade deficit contracted far more than anticipated in September, driven by a robust rebound in exports, according to government data released Thursday.
New figures from the Commerce Department show the trade gap narrowed to $52.8 billion, down from a revised $59.3 billion in August. Economists had been bracing for the deficit to widen instead, projecting it would reach $63.3 billion, based on the earlier estimate of $59.6 billion for August.
The surprise tightening of the deficit was fueled by a 3.0% jump in exports, which climbed to $289.3 billion. Imports also edged higher, but at a more modest 0.6%, rising to $342.1 billion.