U.S. Trade Deficit Dips 0.5% To $40.1 Billion In August

The U.S. trade deficit fell 0.5% to $40.1 billion in August, marking the lowest level since January as the nation exported a record amount of petroleum and imported less. Economists surveyed by MarketWatch had forecast a deficit of $40.9 billion. Exports rose 0.2% to $198.5 billion while imports edged up 0.1% to $238.6 billion, the Commerce Department said Friday. The U.S. exported a record $14.1 billion in petroleum products and imported the least amount, $27.2 billion, since late 2010. As a result, the August petroleum deficit dropped to the lowest level in 10 years. The trade deficit with Germany rose to an all-time high but the gap with China fell slightly.