United States trade gap widens in October on record imports

US Trade Deficit Widens More Than Expected To USD48.7 Billion In October

Trade deficit narrows to $1.5B in October

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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The best chance for seeing sunshine this week will come on Thursday , and temperatures will stay cold throughout the week. Temperatures on Tuesday will be above normal, but seasonal temps will return on Wednesday and continue into next week.

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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Dastyari, who remains in Parliament, had previously said that a Chinese company with links to Beijing had paid a A$1,670 (US$1,275) travel bill for him.

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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