By Greg Robb
WASHINGTON (MarketWatch) -- The U.S. trade deficit narrowed by 7.6% in October to $32.9 billion, the Commerce Department said Thursday. Exports rose faster than imports in October. The narrowing of the trade gap was unexpected. Wall Street economists had forecast of a deficit of $37.0 billion. One critical factor in the lower deficit was a cut in crude oil imports. The deficit for the year now totals $304 billion, down sharply from $610.8 billion in the same period one year ago. The U.S. trade deficit with China continued to expand, widening to $22.7 billion in October compared with $22.1 billion in September. This is the highest level since last November. For the year, the deficit with China is now $188.5 billion.
