Trade gap turned lower in October

WASHINGTON, Dec. 10 (UPI) -- The U.S. trade deficit was less than economists expected in October, dropping although it was predicted to rise, the Bureau of Economic Analysis said Thursday.

In October, the trade gap dropped to $32.9 billion, down from the $35.6 billion trade gap in September.

Economists had forecast the gap would increase to $36.9 billion.

In October, exports reached $136.8 billion, while imports totaled $169.8 billion.

The goods deficit declined $2.6 billion from a month ago to $44.8 billion, while the surplus in the service sector was relatively unchanged at $11.9 billion.

Exports of capital goods, consumer goods, industrial supplies and automobile vehicles, parts and engines increased in the month. Food exports rose slightly.

Imports also increased in capital goods, consumer goods and automobiles.

The figures show a slight decrease in the U.S. surplus in trade with Hong Kong. Surplus figures grew or held even with Australia, Singapore and Egypt.

With China the U.S. deficit grew slightly, up $600 million. The deficit fell sharply with the Organization of Petroleum Exporting Countries, falling by $2.1 billion. The trade gap dropped slightly with the European Union and rose slightly in trading with Japan.