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OCTOBER 11, 2008

Trade Gap Shrinks on Decline in Oil Prices

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more in Economy »

WASHINGTON -- Tumbling oil prices and lower demand for crude offset a decline in exports and narrowed the U.S. trade gap in August.

The deficit in international trade of goods and services fell by 3.5% to $59.14 billion from $61.31 billion in July, the Commerce Department said Friday.

The slightly improved trade deficit came as markets around the world continued to fall and finance ministers and central bankers gathered in Washington ...