With exports surging and imports falling, the Commerce Department released a report on Tuesday showing the U.S. trade deficit narrowed in the month of August.

The Commerce Department said the trade deficit shrank to $70.4 billion in August from a revised $78.9 billion in July.

Economists had expected the trade deficit to decrease to $70.6 billion from the $78.8 billion originally reported for the previous month.

The narrower trade deficit came as the value of imports shot up by 2.0 percent to $271.8 billion, while the value of imports decreased by 0.9 percent to $342.2 billion.

At 12:45 pm ET, Atlanta Federal Reserve President Raphael Bostic is scheduled to give remarks and participate in a moderated conversation on the economic outlook before the Atlanta consular corps luncheon.

The Treasury Department is due to announce the results of this month’s auction of $58 billion worth of three-year notes at 1 pm ET.

At 4 pm ET, Boston Federal Reserve President Susan Collins is scheduled to speak before the 23rd annual Regional & Community Bankers Conference.

Federal Reserve Vice Chair Philip Jefferson is due to participate in “The Discount Window, 1913-2000” conversation hosted by Davidson College at 7:30 pm ET.