US Trade Gap Shrinks to Smallest Since 2009 on Imports Drop (5)

The US trade deficit unexpectedly narrowed in October to the smallest since 2009 on a sharp pullback in imports, notably pharmaceuticals.

The goods and services trade gap shrank 39% from the prior month to $29.4 billion, Commerce Department data showed Thursday. The deficit was smaller than all estimates in a Bloomberg survey of economists. The report was delayed for over a month because of the federal government shutdown.

Imports decreased 3.2%, reflecting declines in inbound shipments of medication and nonmonetary gold. Imports of pharmaceutical preparations dropped to the lowest since July 2022. The value of all ...