(MENAFN) The US trade deficit narrowed less than expected in October as lower crude oil prices failed to offset a jump in imports, while increased exports suggested the economy recovering, The Peninsula Qatar reported.
The Commerce Department said the trade gap fell 0.4 percent to USD43.4 billion. September's shortfall on the trade balance was revised up to USD43.6 billion from a previously reported USD43.03 billion.
When adjusted for inflation, the deficit was little changed at USD50.84 billion, suggesting trade would be a drag on fourth-quarter gross domestic product. Trade accounted for 3.9 percent of annualized growth pace.
Meanwhile, imports increased 0.9 percent in October to hit a record high of USD241 billion, while Petroleum imports were the lowest since November of 2009.
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