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US DATA
US DATA: Oct Trade Deficit $47.2b, China Trade Gap Dn 14.6% YTD
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- Oct trade deficit falls to $47.2b vs $47.5b BBG est
- Sep trade gap revised down to $51.1b (prev -52.5b)
- The NSA trade gap with China Fell to -$31.1b Oct from -$31.62b Sep 
- Ex-petro goods gap falls to -$67.58b, petro surplus at $0.78b
- The data suggest continuing drag from net exports on Q4 GDP
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The U.S. overall trade balance fell in October, dropping below $50b for 
the first time in over a year to the lowest level since March 2018. Both 
exports and imports were lower, with imports -- driven by declining 
goods imports -- at their lowest level in 2 years. The net balance with 
China narrowed slightly to $31.1b, although YTD it has fallen to $294.5 
vs $344.8 for the same period in 2018. The deficit with the EU widened 
to $16.4 bln in Oct and now stands at $149.5b YTD, and will no doubt 
come under greater Presidential scrutiny in coming months.

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