Reuters reported that a drop in US oil imports and a rise in goods exports has helped the country to narrow its trade gap in August.

A data released by the US Department of Commerce shows that the country's deficit was reduced by 3.6% to stand at USD 30.7 billion this month. The report says US gasoline imports plunged by 10% in volume to USD 158.9 billion, despite rising oil prices.

Reuters quoted Mr Nigel Gault economist at IHS Global Insight as saying that "Inventories of petroleum products have been running high, so cutting oil imports helps bring them down."

The report came amid optimistic signs of recovery in the world's largest economy which experienced one of its worst recessions that began in December 2007. Although it shows trade moved on a plateau track in August, the market mostly ignored the report.

Mr Zach Pandl economist at Nomura Securities International in New York said that "The bottom line is that the trade picture from the United States is cloudy right now."