In October, U.S. exports hit a record high, causing trade deficits with Europe and China to shrink to an unusually low point, according to a new report from the Bureau of Labor Statistics. The report indicated that U.S. exports grew by $16.8 billion in October, while imports only grew by $2.5 billion, narrowing the trade deficit to its lowest point since last January, offsetting several alarming months of trade deficit growth in the summer and autumn. The growth in exports was led by a $6.4 billion increase in exports of industrial supplies and materials, with significant growth in capital goods, food and beverages, consumer goods, and automotive parts and vehicles contributing to the increased numbers. Altogether, the total decline in the trade gap constituted a 17.6 percent drop from September’s numbers. This report is understood as a cause of optimism for economists, although it will be difficult to predict whether …