US Trade Deficit Widens More Than Expected In October

US Trade Deficit Widens More Than Expected In October

Economists had expected a deficit of $2.7 billion, according to Thomson Reuters. In volume, or price-adjusted, terms, exports rose 1.2% while imports decreased 3.9%, or the sharpest decline in a year. A rising trade gap reduces US economic growth. Imports of services grew 0.7% to $45.2 billion in October. In short, if consumers and producers are spending more on foreign products, while foreigners were spending less on American-made goods and services, that brings down overall spending on USA products world-wide.

October imports were $244.6 billion, $3.8 billion more than September imports.

Worldwide trade data can be volatile from month to month.

Imports of crude oil shot up by USD1.5 billion, while imports of consumer goods and other goods also showed notable increases.


So far this year, the United States is running a trade deficit of $462.9 billion, up 11.9 percent from a year earlier.

World trade flows have grown this year, as global economies are growing in sync and at almost the best paces since the recession. Exports of goods to Mexico rose US$22.1 billion for the month, a three-year high.

A trade deficit means that the United States is buying more goods and services from other countries than it is selling them.

The trade deficit for the month was pushed by rising oil prices, as well as record imports from China ahead of the holiday shopping season, the Commerce Department said in its monthly report. Exports of services grew 0.5% to $65.6 billion. Mr. Trump also pulled the US out of the Trans-Pacific Partnership in early 2017, a pact that would have bound closer together the economies of 12 nations.

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