U.S exports hit a record high in
October with the U.S. trade deficit shrinking on growth in global demand. The
growth in exports is expected to support domestic growth in the fourth quarter.
The
Commerce Department said on Wednesday the trade gap fell 5.4 percent to $40.6
billion. September's shortfall on the trade balance was revised to $43.0
billion from the previously reported $41.8 billion.
An
improving global economy is boosting demand
for U.S. exports. In October, exports increased 1.8 percent to $192.7 billion.
That was the highest on record and snapped three straight months of declines in
exports.
Exports
to China hit a record high as did imports from that country. Still, the trade
deficit with China narrowed in October. China has been one of the fastest-growing markets for U.S. goods, though the pace of export
growth slowed in recent months.
The slowdown in import growth could limit the
drag on the economy from an anticipated
inventory drawdown in the fourth quarter.