The US trade deficit in October narrowed by the biggest amount in nearly five years, as oil import prices plunged for a second consecutive month and exports edged up to a new record, a Commerce Department report showed recently. The trade gap shrank a surprising 8.4% in October to $58.9 billion from a revised estimate of $64.3 billion in September. Analysts surveyed before the report had expected a much more modest narrowing to about $ 63.0 billion. The monthly decline in the trade gap was the biggest since December 2001, when the deficit contracted 11.2%.
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