The U.S. Commerce Department released the trade data on Friday. The U.S. trade deficit narrowed to $43.4 billion in October from a deficit of $43.6 billion in September. September's figure was revised down from a deficit of $43.0 billion. Analysts had expected the trade deficit to narrow to $41.2 billion.

Exports increased 1.2% in October.

Exports to the European Union climbed 8.5% in October. Exports to China jumped 36%, while exports to Japan increased 4.0%.

Imports rose 0.9% in October. Petroleum imports reached the lowest level since November of 2009.