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Article: nation.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- October 10, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Trade balance drops by 3.5% in August
WASHINGTON | The U.S. trade deficit unexpectedly narrowed in August as exports posted a small gain, while imports fell on a big drop in demand for foreign oil. The fourth consecutive rise in exports was an encouraging sign that the global economy has started to recover.
But many economists expect the deficit to rise in coming months on the back of a rebounding U.S. economy, which will start importing more foreign products.
The Commerce Department said Friday that the trade deficit declined 3.5 percent to $30.7 billion, surprising economists who had expected higher oil prices to push the imbalance to $33 ...