U.S. Trade Deficit Shrinks to Nearly 3-Year Low as Exports Rise and Imports Dip

The U.S. trade deficit shrank 10% in August to $58.3 billion, a nearly 3-year low.

Imports dipped to $314.3 billion in August, almost 10% below their record high from early 2021.

Exports rose 1.6% to $256 billion, staying near a record high. More oil, drugs, tech equipment shipped.

Smaller deficits boost GDP but may also signal weaker consumer spending.

Deficit is on track to be lowest in 4 years but could mean softer economic growth ahead.