Foreign Trade Deficit Shrinks, Exports Surge: Foreign Trade Deficit Shrinks, Exports Surge
The nationÛªs foreign trade deficit narrowed substantially last month, the government reported yesterday, as exports surged sharply, offsetting another rise in oil imports.</br></br>Commerce Department figures showed imports exceeded exports by $2.02 billion in October, down from $2.8 billion the previous month and $2.36 billion in August. The October red-ink figure was the smallest since July.</br></br>The improvement stemmed from two factors: The continued decline in the dollar has made U. S. exports less expensive for foreigners, while imports here are more costly. And the economic slowdown here has dampened demand.</br></br>YesterdayÛªs figures showed exports up sharply, especially in manufacturing and agricultural products. Overall exports leaped 6.4 percent in October</br></br>Imports rose by l percent last month to $18.86 billion after rising 2.7 percent in September and surging 8.3 percent in August. The volume of oil imports rose 4.7 percent, down from