U.S. trade activity continued to decline in October with a 1.9% dip led by a 7.5% slide in exports. Imports did better, rising by 1.9% to deliver the first expansion since March 2019 on an improvement in automotive and consumer goods shipments. The trade deficit therefore rose to the highest for the month of October since at least 2008. The export decline is the 18th in the past 19 months with only food and beverages expanding by 17.5%, likely due to the impact of the U.S.-China trade deal, though growth has slowed.