Exports down 1.6%, imports down 4.9%
The United States' trade deficit in October decreased by about 12% compared to the previous month.
On the 5th (local time), the U.S. Department of Commerce announced that the trade deficit in October was $73.8 billion, down $10 billion (-11.9%) from the previous month ($83.8 billion). The trade deficit was also below market expectations ($75.7 billion deficit).
Exports decreased by 1.6% from the previous month to $265.7 billion, and imports fell by 4.9% to $339.6 billion, contributing to the reduction in the trade deficit.
In the third quarter, the U.S. recorded a goods and services trade deficit of $70.3 billion with China, an increase of $10 billion compared to the previous quarter. This was due to imports rising by $10.1 billion while exports increased by only $0.1 billion in the third quarter.
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