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US trade deficit drops, exports hit record high

WASHINGTON, The US trade gap narrowed in March as exports hit a record high to due an increase in deliveries of commercial aircraft and soybeans, according to data from the Commerce Department Thursday.

The international trade deficit in goods and services dropped to 15.2 percent to USD 49 billion. This was the largest decline in one month for the trade deficit in two years, the lowest level since September.

Exports hit two percent from February marking its highest dollar value on record including shipment of commercial aircraft, soybeans, corn and crude oil.

Imports were down 1.8 percent due to fewer purchases of foreign-made consumer and capital goods.

Source: Kuwait News Agency