A jump in soybean exports and sharp drop in cell phone imports led to a 4.7 percent narrowing of the US trade deficit in September, according to government data. Total US exports in September rose to $176.4 billion, and though imports also rose, to $240.2 billion, the increase was minimal, according to the Commerce Department data. Overseas sales of soybeans — of which China is a key buyer — surged by $1.4 billion. And the data also showed that the US trade gap with China dropped by $2.1 billion in the month to $24.3 billion. Car imports surged by $2.4 billion in the month, but cell phone purchases fell by nearly the same amount, according to the report.

(Live Mint)