The last U.S. trade deficit in goods before the elections was lower than expected as imports dropped 2% on a year earlier and exports climbed 1% in September. The import drop is explained by lower prices, and possibly lower imports from Canada given Panjiva analysis shows seaborne imports were 1% higher and those from Mexico increased 2%. Export growth was broad-based, but notable laggards were food and autos. The latter is unfortunate given recent commitments to investments in Mexico by GM and Ford.