Journal of Commerce--Exports jumped 3.2 percent to a two-year high in October, driving the U.S. trade deficit down a larger-than-expected 13 percent as imports declined slightly.

The deficit in trade of goods and services decreased to $38.7 billion from a revised $44.6 billion in September, the Commerce Department said. Exports increased 3.2 percent to $158.7 billion while imports fell 0.5 percent to $197.4 billion.

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