After hitting the highest levels in more than two years in July, the U.S. trade deficit in goods narrowed 8.3% to $94.3 billion in August, according to the Commerce Department’s advanced estimate released Friday.

In an unexpected turn of events, Mexico’s trade deficit rose to $4.868 billion in August 2024, a significant increase from the $1.278 billion deficit reported in the same month the previous year, which means a gap of 73.

B vs. -$100.0B consensus and $102.8B in July (revised). Exports of goods for August were $177.0 billion, $4.1 billion more than July exports. Imports of goods for August were $271.3 billion, $4.5 billion less than July imports.

The U.S. trade deficit in goods narrowed 8.3% to $94.3 billion in August, according to the Commerce Department’s advanced estimate released Friday. This is the smallest trade gap since March. Economists polled by Econoday were looking for the deficit to narrow to a $100 billion deficit from last month’s $102.