October’s ~$580M trade deficit came in better than expectations of $1.4B, reversing from last month’s print…

… driven by a >3% gain in imports that was broad-based, but led by electronic equipment…

… computers and computer peripherals in particular, which jumped 32% M/M on increased shipments from Ireland.

Exports increased to a lesser degree, adding ~2% M/M…

… driven almost entirely by precious metals, which posted a second sequential gain of more than 25% - leading to a fresh record in export value…

… and contributing to a new high in non-U.S. exports, which now account for a third of total activity - up from a quarter through 2024.