Washington: data released by the US Department of Commerce (DoC), the US trade deficit narrowed sharply in October, falling to its lowest level since 2009, as imports declined amid the impact of sweeping tariffs.
According to Emirates News Agency, The overall trade gap plunged 39% to $29.4 billion, compared with $48.1 billion in September, as imports fell 3.2% during the month. The outturn was well below the $58.4 billion median forecast from economists surveyed by Dow Jones Newswires and The Wall Street Journal.
Exports rose by $7.8 billion to $302 billion in October, while imports dropped by $11 billion to $331.4 billion, according to DoC figures.