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🟠 The US trade deficit in October fell to -$29.4B, the lowest since 2009
The figure is surprising because it is much better than the forecasted -$58.1B. September was also revised from -$52.8B to -$48.1B, paving the way for an upward adjustment of Q3 GDP.
- Exports increased +2.6% MoM to $302B
- Imports decreased -3.2% MoM to $342.1B.
-> Compared to 2024, the deficit continues to improve. The US is balancing its trade deficit by increasing exports of gold, jewelry, and pharmaceuticals — surprising as these asset groups saw strong gains in 2025.
The deficit with China is only -$175.4B, the lowest since 2005. The sharp rise in precious metals prices in 2025 has helped boost exports, which is unexpected data.
-> Both of Washington’s main goals are being achieved: reducing the deficit and decreasing trade dependence on China, as supply chains shift to Mexico + ASEAN. The US is clearly winning in curbing China.