The U.S. trade deficit narrowed sharply in October as exports soared to a record high, potentially setting up trade to contribute to economic growth this quarter for the first time in more than a year.
The Commerce Department said on Tuesday that the trade gap plunged 17.6 percent to $67.1 billion. That was the biggest percentage decline since April 2015. Economists polled by Reuters had forecast a $66.8 billion deficit.
"The trade deficit is narrowing big time and pouring even more fuel into the economy's tank which guarantees stronger growth as 2021 comes to an end," said Christopher Rupkey, chief economist at FWDBONDS in New York.
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