The nominal trade deficit narrowed in September to $36.4 billion from $40.5 billion in August as exports rose for the fourth consecutive month while imports declined. Export growth was led by capital goods, mainly civilian aircraft. Industrial supplies and consumer goods also rose, and food exports fell sharply, partially reversing the July surge driven by exports of soybeans. Capital goods and consumer goods drove September’s decline in imports. Nominal exports were up 0.9 percent in September compared to a year ago, and imports continued to fall on a year-over-year basis. Year to date, international trade contributed positively to gross domestic product growth after being a drag on economic growth for five quarters in a row.
