Overview
- Imports fell 3.2% to $331.4 billion as goods imports dropped 4.5% to $255.0 billion, while exports rose 2.6% to a record $302.0 billion on a surge in nonmonetary gold.
- Consumer goods imports declined by $14.0 billion, led by a $14.3 billion plunge in pharmaceutical preparations, even as capital goods imports rose on computers and telecom gear tied to AI investment.
- Commerce officials said the report—showing the smallest deficit since June 2009—was released after a roughly 43‑day federal shutdown delay.
- Analysts link shifts in trade flows to President Trump’s 2025 tariff program and policy changes such as the end of the de minimis exemption, noting timing effects and volatility that may limit durability.
- Canada reported a smaller‑than‑expected October deficit of C$583 million, with imports up on electronics and exports lifted by unwrought precious metals as the U.S. share of Canadian exports fell to a non‑pandemic low.