Economists polled by Reuters had expected the trade deficit to narrow to $75 billion, down from $84.4 billion in September.
Imports fell 4.0%, the largest decline since November 2022, to $339.6 billion. Imports of goods fell 5.5%, to $269.3 billion.
Companies concerned about President-elect Donald Trump’s threats to raise tariffs on foreign goods could try to bring forward imports, reversing October’s decline and ensuring trade remains a drag on gross domestic product.
Trump has said he would impose a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on goods from China on his first day in office.
Imports of capital goods decreased by $7.5 billion, weighed down by declines in imports of computers and semiconductors.
Imports of industrial supplies and materials, which include oil, fell by $3.3 billion. Oil imports, $17.2 billion, were the lowest since June 2021.
Imports of consumer goods, mainly pharmaceutical preparations, also decreased. Imports of motor vehicles, parts and engines also fell.
Services imports rose $1.4 billion to a record $70.2 billion, driven by travel, intellectual property fees, transportation, insurance and other business services.
Exports fell 1.6%, to $265.7 billion. Goods exports fell 3% to $170.7 billion, driven by a $3.9 billion decline in capital goods exports.
