US Trade Deficit Shrinks in October

The US trade gap fell in October to $43.47 billion, down from a revised $44.17 billion deficit in September. This is the fourth straight month that the deficit has been lower than the previous month.

Of the total, $28.07 billion represents the US trade deficit with China, the US’s second largest trading partner. The gap with Canada, America’s largest trading partner, fell by more than $36 billion to $2.25 billion.

Total US exports, however, declined slightly, by -0.8%, to $179.17 billion. Total imports fell by 1%, to $222.64 billion.

Imports of crude oil fell by more than $2 billion compared with September imports, while exports of refined products rose to a record $10.5 billion. US exports of diesel fuel and gasoline have been rising as US consumption continues to decline.

Imports from China were the highest on record at $37.81 billion, and US exports to China totaled $9.74 billion, a jump of more than 16%.

The trade deficit in advanced technology products reached $10.4 billion, on $25.4 billion in exports and $35.9 billion in imports.

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