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October trade gap shrinks
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December 18, 1997: 9:22 a.m. ET
With record exports, trade deficit narrows 13.7 percent in October
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NEW YORK (CNNfn) - The U.S. trade deficit narrowed by a greater-than-expected margin in October despite troublesome signs from Asia amid the region's financial crisis.
The balance of trade (which represents goods and services) fell 13.7 percent in October to a seasonally adjusted $9.69 billion, the Commerce Department reported on Thursday. Economists had expected a gap of $10.6 billion.
Exports climbed 2.4 percent to a record-setting level of nearly $80 billion. But Americans continued to show more of an appetite for goods from abroad as imports rose 0.4 percent to $89.7 billion.
The closely watched deficit with Japan surged 14.3 percent in October to $5.87 billion -- the highest level since April 1995. Economists believe the trade gap with Asian nations will continue to grow as those economies falter and their currencies drop against the dollar.
On an annual basis, the trade gap is running at a rate of $114 billion, compared with $111 billion last year.
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Department of Commerce
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