The US trade deficit continues to improve at a historic pace: The US’ goods and services trade gap narrowed +$18.79 billion, or +39%, in October, to $29.4 billion, the smallest since 2009. Since the March peak, the US trade deficit has narrowed by +$107.02 billion, or +78%. This comes as imports fell -3.2% MoM, to $331.37 billion, the lowest since January 2024. At the same time, exports rose +2.6% MoM, to $302 billion, the highest value on record. The merchandise trade deficit, adjusted for inflation, narrowed to $63.0 billion in October, the smallest since February 2020. The US trade deficit is rapidly shrinking.