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U.S. Trade Gap Shrinks for First Time Since July on Export Surge

  • Exports and imports both rose to a record in October
  • Travel by Americans abroad climbed to a pandemic high
Photographer: Bing Guan/Bloomberg
Updated on

The U.S. trade deficit narrowed in October for the first time since July, reflecting a sharp increase in exports and suggesting that foreign demand for goods is on the rise.

The gap in trade of goods and services shrank 17% to $67.1 billion, from a revised $81.4 billion in September, according to Commerce Department data released Tuesday. The median estimate in a Bloomberg survey of economists was for a shortfall of $66.8 billion.