US trade balance for October 2019

US trade balance narrows to -47.2B
  • imports fall -1.7% to $254.3 billion on consumer goods, autos
  • goods imports from China fall to lowest since 2016 (tariff impact)
  • US soybean exports fall 42% month on month to $1.11 billion
  • real petroleum exports rise to record $23.9 billion
  • exports fall -0.2% to $207.1 billion on soybean plunge
  • merchandise imports from China fell -4.8% from the prior month to $35.3 billion and exports tumbled 17% to $7.49 billion. That was the least in almost a year. The trade gap with China narrowed to $27.8 billion which is a 7 month low

A lower trade deficit is a positive for GDP. Whether or not the Atlanta Fed GDP tracker is accounted for that in its model we will find out a little later this morning when they release their latest estimate for fourth-quarter growth.