The U.S. trade deficit narrowed to $67.1 billion in October, the lowest in six months, after hitting a record high in September.
The October deficit was 17.6% below the all-time peak in September of $81.4 billion, the Commerce Department reported Tuesday. It was the smallest monthly deficit since a $66.2 billion imbalance in April.
In October, exports rose 8.1% to $223.6 billion while imports were up a much smaller 0.9% to $290.7 billion. The deficit is the gap between what the United States exports to the rest of the world and the imports it purchases from foreign nations. Part of the October increase in exports reflected a surge in oil exports, reflecting a return to more normal operations at Gulf Coast refineries which had been shut down by Hurricane Ida.
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