US trade deficit shrinks to lowest level since 2009

The trade deficit in October was $29.4 billion compared to $48.1 billion in September, according to figures from the US Department of Commerce.

According to a Bloomberg survey, analysts had expected the deficit to rise to $58.7 billion in October.

The October figures were delayed due to federal shutdowns last fall.

The trade deficit was primarily driven by significantly lower imports, which were down 3.2 percent. However, a 2.6 percent increase in the value of exports also contributed.

The US trade deficit with other countries has been repeatedly highlighted by US President Donald Trump as a problem and a motive for tariffs.

The US trade deficit with Mexico and China increased in October, while the deficit with Canada shrank.