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US foreign trade deficit for October posts outsized drop
By Alexander Bueso
Date: Thursday 05 Dec 2019
LONDON (ShareCast) - (Sharecast News) - America's shortfall on trade with the rest of the world dropped sharply in October amid a down-draft in import demand.
According to the Department of Commerce, the US trade deficit in good and services shrank at a month-on-month pace of 7.6% to reach $47.2bn (consensus: $48.7bn).
Exports of good and services dipped 0.2% versus September to reach $207.1bn but the bulk of the narrower deficit was the result of an outsized 1.7% decline in imports to $254.3bn.
Import of goods were especially weak, registering a month-on-month decline of 2.2% to reach $204.1bn.
Purchases of consumer goods from overseas dropped by $2.4bn versus the previous month and those of autos and parts by $1.8bn.
Among the former, pharmaceutical preparations paced declines, falling by $0.8bn.
Year-to-date, the total US trade deficit was 1.3% or $6.9bn higher when compared to the year before.