US Trade Deficit Drops to $40.6 Billion in October
WASHINGTON (AP) — The U.S. trade deficit fell in October, helped by a jump in overseas oil sales that lifted American exports to an all-time high.
The Commerce Department says the trade gap narrowed to $40.6 billion in October. That’s 5.4 percent lower than September gap of $43 billion, which was higher than initially estimated.
Exports rose 1.8 percent to a record $192.7 billion, buoyed by a 9.3 percent gain in petroleum exports. America is experiencing a revival in domestic oil production.
Imports rose 0.4 percent to $233.3 billion, the highest since March 2012. Oil imports rose 1.5 percent.
A smaller trade deficit can boost economic growth because it shows American companies are earning more from sales overseas while U.S. consumers are buying fewer products from their foreign competitors.
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