US trade deficit narrows in October as exports rebound
WASHINGTON (AP) — The U.S. trade deficit narrowed to $67.1 billion in October, the lowest in six months, after hitting a record high in September.
A big rebound in exports helped to offset a much smaller rise in imports.
The October deficit was 17.6% below the September record of $81.4 billion, the Commerce Department reported Tuesday.
It was the smallest monthly deficit since a $66.2 billion imbalance in April.
Analysts viewed the strong rise in exports as evidence that global supply chains were beginning to unsnarl and said smaller deficits this quarter could give a solid boost to overall U.S. economic growth.
In October, exports rose 8.1% to $223.6 billion while imports were up a much smaller 0.9% to $290.7 billion.