On Tuesday, the Commerce Department reported that the U.S. trade deficit shrank in September as both imports and exports decline, according to The Wall Street Journal.
The trade deficit in goods and services decreased by 4.7 percent in September to a seasonally adjusted $52.45 billion. Economists had predicted a deficit of $52.2 billion. The decrease in the deficit comes amid growing concerns over the slowdown in the global economy.
In September, imports fell 1.7 percent to $258.44 billion and exports fell 0.9 percent to $205.99 billion. The decrease in imports was specific to sectors that can provide insights about the demand in the current U.S. economy.
The International Monetary Fund is estimating that world economic growth in 2019 will fall to its slowest pace since the 2009 recession. The main concern over world economic growth is a result of trade uncertainty that has come about during the U.S.-China trade war.
The U.S. trade deficit in goods and services shrank 4.7 percent in September and increases concern over the health of the global economy.