US trade deficit shrinks to smallest since 2009 in October on imports drop
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The news: The US trade deficit narrowed to the smallest since 2009 in October last year according to data released by the Commerce Department on Thursday, as US President Donald Trump’s tariffs disrupted trade more than had been expected.
The numbers: The US Bureau of Economic Analysis data showed that the trade deficit shrank to USD29.4 billion ($43.99 billion) in October, the narrowest gap since June 2009 and a 39% decrease from September (USD48.1 billion)
A Bloomberg survey of economists had anticipated a USD58.7 billion shortfall for October
October exports were USD302.0 billion, USD7.8 billion more than September exports. October imports were USD331.4 billion, USD11.0 billion less than September imports.
Imports of goods to the US decreased USD12.1 billion to USD255.0 billion in October, with consumer goods imports decreasing USD14 billion
The context: The report, which was delayed by over a month due to the US federal government shutdown, showed that a sharp pullback in imports powered the rapid narrowing. Imports of pharmaceutical preparations dropped to the lowest level since July 2022 while industrial supplies and materials including metals and oil also declined.
The source: Bureau of Economic Analysis
