The U.S. trade deficit for October came in basically in-line with expectations this morning, narrowing to -$40.6 billion from -$43 billion last month.
The detail that often garners the most interest is oil imports. These actually increased slightly from September, to $US32.1 billion from $US31.7 billion. But they’re down from $US34.7 billion last October.
More importantly, U.S. oil imports remain well below 2012 levels: Year-to-date, we are 11% lower than where we were in October 2012.