Goods & Services Deficit Widened to $48.7 Billion in October

Reuters

The U.S. global trade deficit widened in October, growing 8.6% to $48.7 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Imports hit a record $244.6 billion in October, and exports were unchanged at $195.9 billion.

September's trade deficit was upwardly revised from $43.5 billion to $44.9 billion.

Economists had expected a deficit of $2.7 billion, according to Thomson Reuters. He blames them on bad trade deals and abusive practices by China and other trade partners.

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Boosted by a weaker USA dollar, the October trade gap rose 8.6 per cent compared to September, to US$48.7 billion, the highest since January, surpassing analyst expectations for an increase of only 5.6 per cent. Meanwhile, imports fell to their lowest level in almost a year. Exports of goods to Mexico rose US$22.1 billion for the month, a three-year high.

In October, the United States ran a surplus of $20.3 billion with the rest of the world in services such as banking and tourism. In volume, or price-adjusted, terms, exports rose 1.2% while imports decreased 3.9%, or the sharpest decline in a year.

Imports of mobile phones rose US$300 million as did transportation services.

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