The U.S.
Commerce Department announced on Thursday
that the U.S. goods and services trade deficit narrowed by 11.9 per cent to $73.8 billion in October compared to a revised shortfall of
$83.8 billion (from $84.4 billion) in September.
Economists had predicted
a shortfall of $75.0 billion for October.
According to
the report, the October drop in the goods and services deficit reflected a decline
in the goods deficit of $10.4 billion to $98.7 billion and a fall in the
services surplus of $0.4 billion to $24.8 billion.
Overall,
exports of goods and services from the U.S. decreased by 1.6 per cent m-o-m to
$265.7 billion in October, the lowest level in four months, while imports plunged
by 4.0 per cent m-o-m to $339.6 billion, the lowest level since June.
Year-to-date, the goods and services
deficit surged by 12.3 per cent from the same period in 2023. Exports climbed
by 3.7 per cent, while imports jumped by 5.4 per cent.