The US trade deficit contracted in October for the fourth consecutive month, creating the smallest trade gap in current year, reported the Commerce Department. The country's trade deficit declined 1.6% in October reaching $43.5 bn. Analysts surveyed by Marketwatch previously predicted a deficit to be at $43.6 bn. In October both exports and imports fell, with imports declining at a faster pace. Imports dropped 1.0% to $222.6 bn while exports lost 0.8% to $179.2 bn.