By Matt Grossman
America's trade deficit shrank in October as imports to the U.S. fell faster than U.S. exports.
The October trade deficit was $73.84 billion, down from $83.8 billion in September, the Commerce Department said Thursday. Economists polled by The Wall Street Journal had been expecting the trade deficit to be $74.8 billion for October.
Exports fell by 1.6% month over month to $265.72 billion, while imports fell by 4% to $339.56 billion.
Year to date, however, the deficit remains $80.7 billion dollars greater, or 12.3% greater, than it was during the same stretch of 2023.
Trade in services increased, including greater exports of travel and some businesses services, and greater imports of travel services and intellectual property.
But that trend was outweighed by a decline in trade of goods. Exports of computer accessories were down by $1.2 billion, and passenger-car exports declined by $1.3 billion.
Meanwhile, computer imports were down by $3.7 billion, and imports of cars, engines and car parts declined by $1.6 billion.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
12-05-24 0909ET
