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Primarily reflecting a notable decrease in the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit narrowed in the month of October.
The Commerce Department said the trade deficit narrowed to $47.2 billion in October from a revised $51.1 billion in September.
Economists had expected the trade deficit to narrow to $48.7 billion from the $52.5 billion originally reported for the previous month.
The narrower trade deficit came as the value of imports tumbled by 1.7 percent to $254.3 billion, while the value of exports edged down by 0.2 percent to $207.1 billion.
