The U.S. Commerce Department reported on Thursday U.S. the goods and services trade deficit narrowed to $47.2 billion in October from a revised $51.1 billion in the previous month (originally a gap of $52.5). This represented the lowest trade gap since May of 2018.

Economists had expected a deficit of $48.7 billion.

According to the report, the October decline in the goods and services deficit reflected a decrease in the goods deficit of $3.7 billion to $68.0 billion and an advance in the services surplus of $0.2 billion to $20.8 billion.

Exports of goods and services from the U.S. fell 0.2 percent m-o-m to $207.1 billion in October, while imports dropped 1.7 percent m-o-m to $254.3 billion.

Year-to-date, the goods and services deficit rose 1.3 percent from the same period in 2018. Exports declined less than 0.1 percent, while imports grew 0.2 percent.