US trade deficit contracts in October

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.