WASHINGTON — The U.S. international trade deficit shrank more than expected in October, falling $5.9 billion to a three-month-low of $38.7 billion as exports of services hit a record and imports fell, the Commerce Department reported Friday.

Economists polled by Thomson Reuters expected a trade gap of $43.8 billion, according to the median estimate.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.