America’s trade deficit with the rest of the world fell to $63.9 billion in September after reaching a 14-year high in the previous month, the AP reports.
The September mark is 4.7% lower than in August, when the deficit reached $67 billion, per the AP. Exports during September rose by 2.6%, largely driven by the food and beverage industry, which saw its highest exports since July of 2012, the Commerce Department reports. (RELATED: Walmart Changes Course, Will Keep Guns And Ammo On Shelves)
Another group of winners is soybean farmers, as exports of the crop rose 63% in September, the AP says. Imports also increased across the board by a total of 0.5%. The increase in both directions suggests the economy is clawing back from negative effects caused by coronavirus, which have led to imports and exports for the year being down by 12.4% and 17.4%, respectively, per the AP.
Trade deficit falls from 14-year high https://t.co/PifOVaw8s7 pic.twitter.com/MUCRNW1NYi
— The Hill (@thehill) November 4, 2020
Reducing foreign trade deficits was a major selling point of President Donald Trump’s 2016 campaign. However, year-to-date the United States’ trade deficit has increased by 8.6%, the AP reports. There has been progress made on trade with China, though, as the CCP purchased a record amount of goods from the United States in September.