Trade Gap in U.S. Shrank in October on Record Exports
Source: Bloomberg
The trade deficit in the U.S. narrowed in October for the first time in four months as exports climbed to a record.
The gap decreased 5.4 percent to $40.6 billion from a $43 billion shortfall in September that was larger than previously estimated, the Commerce Department reported today in Washington. The median forecast in a Bloomberg survey of 63 economists called for a $40 billion deficit.
Sales of goods to China, Canada and Mexico were the highest ever, pointing to improving global demand that will benefit American manufacturers. In addition, an expanding U.S. economy is helping boost growth abroad as purchases of products from the European Union also climbed to a record in October even as fiscal gridlock prompted a partial federal shutdown.
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