The overall U.S. trade deficit fell slightly in September to $38.03 billion, the second highest level on record, while exports of goods increased.

Figures released Tuesday by the U.S. Commerce Department show the trade gap shrank 0.7% from the record of $38.28 billion set in August, as imports and exports of good and services fell slightly but remained near the highest levels of the year.
In contrast, goods exports from the U.S. jumped 1.7% in September, despite a decline in non-oil goods imports that offset half of this gain.
The biggest export gain was for telecommunications equipment to Asia, according to Newport Communication Senior Economist Jim Haughey. The largest import decline was for autos and parts from Canada and Mexico.
He said the outside export gain was probably due to both advance shipping to beat the West Coast ports shutdown and to the more price-competitive position of U.S. goods following a 5% drop in the value of the dollar earlier this year.
"Both of these export drivers have now reversed," Haughey said. "The ports are open by presidential order and the dollar gave up about two-thirds of its earlier decline in the last few months.
"Both import and export prices rose 0.2% in September, so the dollar-denominated data slightly overestimates volume changes compared to earlier in the year when import prices were falling and export prices were steady."
Haughey predicts stronger economic growth both here and abroad should boost trade volume at a 0.4-0.6% a month pace through the winter.
"Economic growth rates appear to have risen in the last few months in all of our major trading partners except Japan. And the dollar has resumed its slow depreciation in November, except in Canada. Capital goods will lead the growth in exports, with consumer durables and industrial materials leading the growth in imports," he said.
Meantime, on Tuesday the Labor Department released its Consumer Price Index, which showed a 0.3% increase for October, including a 1.9% increase in energy prices. Excluding energy prices, October's total increase was just 0.2%, indicating that inflation remains in check.