US Trade Deficit Shrinks To Smallest In 16 Months

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)...

Source: Bloomberg

Merchandise imports from China declined 4.8% from the prior month to $35.3 billion...

Source: Bloomberg

...while exports tumbled 17% to $7.49 billion, the least in almost a year

Source: Bloomberg

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.