U.S. Trade Deficit Narrows to $64.3 Billion in September

November 9, 2006 8:30 AM, EST

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he U.S. trade deficit narrowed to $64.3 billion in September, posting its biggest drop in two years as crude oil prices fell and overseas demand for American goods rose, the Commerce Department said Thursday.

The deficit declined from a record high of $69 billion in August. Economists had forecast the deficit to fall to $66 billion in September, Bloomberg reported.

Amidst the overall decline, the U.S. trade deficit with China rose to an all-time high of $23 billion, up from $22 billion in August, Commerce said.

Imports fell 2% in September to $187.5 billion while exports increased 0.5%.