Mumbai, Jan. 9 -- The Commerce Department released a report on Thursday unexpectedly showing a significant decrease in the size of the U.S. trade deficit in the month of October.
The report said the trade deficit narrowed to $29.4 billion in October from a downwardly revised $48.1 billion in September.
With the unexpected decrease, the trade deficit shrank to its smallest since hitting $27.2 billion in June of 2009.
The unexpectedly narrower trade deficit came amid a steep drop in the value of imports and a surge in the value of exports.
The report said the value of imports plunged by 3.2 percent to $331.4 billion in October after climbing by 0.8 percent to $342.4 billion in September.
The sharp pullback by the value of imports primari...