The
U.S. Commerce Department reported on Tuesday that the U.S. goods and services
trade deficit narrowed to $67.1 billion in October from an upwardly revised $81.4
billion (from $80.9 billion) in the previous month. This was the smallest trade
deficit since April.
Economists had expected a shortfall of $66.8 billion.
According
to the report, the October drop in the goods and services gap reflected a decline
in the goods deficit of $14.0 billion to $83.9 billion and an advance in the
services surplus of $0.3 billion to $16.8 billion.
In
October, exports of goods and services from the U.S. surged 8.1 percent m-o-m
to $223.6 billion, while imports rose 0.9 percent m-o-m to $290.7 billion.
Year-to-date,
the goods and services deficit jumped 29.7 percent from the same period in
2020. Exports surged 17.9 percent, while imports soared 20.7 percent.