US trade deficit narrows in October as exports rebound

FILE PHOTO: Containers are seen at Yantian port in Shenzhen, Guangdong province, China July 4, 2019. Picture taken July 4, 2019. REUTERS/Stringer

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.

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