The U.S. trade deficit shrank in October, according to data from the
, adding to the indications that the economy is continuing to cool off.
The trade deficit narrowed in October to $33.18 billion from $33.74 billion in September. Analysts were expecting a deficit of $33.25 billion in October. The monthly trade data show the difference between the amount of goods the U.S. imports versus the amount of exports. A deficit exists when imports exceed exports.
Imports in October fell 1.6% to $124.42 billion from $126.40 billion in the previous month. Exports fell 1.5% to $91.23 billion from $92.65 billion in September. Imports of consumer goods rose to $23.76 billion from $23.69 billion in September, while automobile imports fell to $16.67 billion from $16.73 billion in the prior month.
The trade gap with China grew to $9.07 billion from $8.72 billion in September, while the deficit with Japan rose to $8.42 billion from $6.09 billion the previous month. The trade deficit with Canada rose to $4.71 billion from $4.46 billion, and the deficit with Mexico fell to $2.38 billion in October from $2.66 billion in September.