Financial News: U.S. Trade Deficit Narrows To $73.8 In October

U.S. Trade Deficit Narrows To $73.8 In October As Imports Tumble

12/05/2024 - 09:56:00 (RTTNews)

(RTTNews) - Reflecting a steep drop by the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit narrowed by slightly more than expected in the month of October.

The Commerce Department said the trade deficit shrank to $73.8 billion in October from a revised $83.8 billion in September.

Economists had expected the trade deficit to decrease to $75.0 billion from the $84.4 billion originally reported for the previous month.

The narrower trade deficit came as the value of imports tumbled by 4.0 percent to $339.6 billion in October after surging by 3.1 percent to $353.8 billion in September.

The report showed a steep drop by imports of capital goods, including computers, as well as notable decreases by imports of industrial supplies and materials, consumer goods and automotive vehicles, parts and engines.

"Despite the marked decline in October, we expect imports to outpace exports in Q4, as investment in data centers and semiconductors supports capital goods imports and as retailers continue to build out inventories," said Matthew Martin, Senior U.S. Economist at Oxford Economics.

The sharp pullback by the value of imports was partly offset by a continued decline by the value of exports, which slumped by 1.6 percent to $265.7 billion in October after falling by 1.0 percent to $270.0 billion in September.

Significant decreases by exports of capital goods, automotive vehicles, parts and engines, and industrial supplies and materials were partly offset by a spike by exports of other goods.

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