United States trade gap widens in October on record imports

United States trade gap widens in October on record imports

United States trade gap widens in October on record imports

With imports rising and exports edging lower, the Commerce Department released a report on Tuesday showing the U.S. trade deficit widened more than expected in the month of October.

Canada's trade deficit with the rest of the world shrunk significantly in October, as exports rebounded after four straight months of declines. Economists had expected the deficit to widen to USD47.5 billion.

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On the other hand, the Commerce Department said the value of exports edged down by less than a tenth of a % to USD195.9 billion. Economists attribute the chronic trade deficit the US has faced for decades to Americans consuming more than they produce relative to the rest of the world's economies. A rising trade gap reduces USA economic growth.

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.

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Imports of goods increased 1.8% to $199.4 billion.

Exports to China, meanwhile, were the highest in nearly four years, at US$13 billion.

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Crude oil imports were up $1.5 billion in October. Increased imports of consumer goods, including cellphones, also contributed to the month's rise. 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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