The gap between imports and exports of goods and services dropped 17.6 percent to $67.1-billion last month, bringing the trade deficit down from a record hit the month before, the Commerce Department reported.
Sales of goods jumped the most with a $15.8-billion increase led by industrial supplies and materials, while services exports rose only $1-billion. Mahir Rasheed of Oxford Economics called October a"historically strong month for exports," and noted that while the trade deficit remains above its level before the Covid-19 pandemic,"we expect stronger export growth and moderation in import volumes to keep the deficit stable next year after reaching multiple record highs in 2021."
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