The US trade deficit shrank to its smallest since June 2018 in October, as trade with China extended its slide with goods imports from the nation dropping to a fresh three-year low.
The overall U.S. deficit in goods and services trade narrowed to $47.2 billion in October (less then the $48.5bn expected)…
Merchandise imports from China declined 4.8% from the prior month to $35.3 billion…
…while exports tumbled 17% to $7.49 billion, the least in almost a year
Perhaps most notably: U.S. OCT. SOYBEAN EXPORTS FALL 42% M/M TO $1.11 BLN
Finally, as Bloomberg notes, the report showed exports and imports both dropped and gave a hint of the impact of trade on fourth-quarter gross domestic product.
Author: Tyler Durden
Source: Zero Hedge: US Trade Deficit Shrinks To Smallest In 16 Months