US trade deficit shrinks as exports hit record high

The US trade deficit narrowed sharply in October as exports soared to a record high, potentially setting up trade to contribute to economic growth this quarter for the first time in more than a year.

The commerce department said on Tuesday that the trade gap plunged 17.6 percent to $67.1 billion. That was the biggest percentage decline since April 2015. Economists polled by Reuters had forecast a $66.8 billion deficit.