Trade deficit narrows to $1.5B in October

Canada Trade Deficit Narrows in October to C$1.47 Billion

Economists had expected a deficit of $2.7 billion, according to Thomson Reuters.

Total U.S. exports were $195.9 billion in October, down by less than $0.1 billion from September.

Exports also hit several high points with Mexico ($22.1 billion), the highest since October 2014, exports to Brazil were the highest since October 2014 and exports to China, $13 billion, were the highest since December 2013.

Imports hit a record $244.6 billion in October on growing USA demand amid an improving economy, while exports were unchanged at $195.9 billion from September.

If export growth continues to stall in November and December while imports continue to pick up, gross domestic product, a measure for US economic growth, could be significantly lower in 2017's last quarter than it was in previous quarters.

Meanwhile, imports fell to $45.9 billion in October, mainly due to a drop in motor vehicles and parts which fell 8.1 per cent. Import volumes fell 3.9 per cent while prices rose 2.4 per cent.

Senior UN official to visit North Korea this week
In response, the South carried out precision strike missile drills involving all three main branches of the South Korean military. The U.N. earlier said Feltman will discuss "issues of mutual interest and concern" with North Korean government officials.

The U.S. trade deficit with Canada increased from $300 million in September to $1.8 billion in October, with U.S. imports rising $1.4 billion-primarily crude oil-to $25.8 billion.

On the other hand, the Commerce Department said the value of exports edged down by less than a tenth of a % to USD195.9 billion.

Strong U.S. consumer spending, buoyed by a tight labor market and sky-high confidence, has also helped drive the recent ramp-up in imports.

He added, "Together with the depreciation of the dollar this year, we think export growth should rebound over the coming months, suggesting that net trade should be broadly neutral for economic growth next year".

The Trump administration has focused its trade policy efforts on lowering the trade deficit, arguing that the United States has been shafted in trade deals such as the North American Free Trade Agreement. Economists attribute the chronic trade deficit the US has faced for decades to Americans consuming more than they produce relative to the rest of the world's economies.

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