United States trade deficit rises to $48.7 billion on record imports

06 December, 2017, 01:02 | Author: Becky Perry
  • US trade gap widens in October on record imports

"Looking ahead, exports should manage to gain some traction, supported by a healthy USA economy and a Canadian dollar hovering around the 80 United States cent mark".

Record imports lifted the US trade deficit to $48.7 billion in October, the highest since January.

Statistics Canada said Tuesday that exports increased 2.7 per cent as imports fell 1.6 per cent for the month, shrinking the country's trade deficit compared with the $3.4-billion shortfall in September.

The average import price of crude oil stood at $47.26 per barrel in October, the highest level since August 2015, when it was $49.33, according to the Monthly Trade Highlights.

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Other highlights in overall global trade of the USA last month include the highest imports on record from China, from Mexico, and from the European Union.

Trump took office on a nationalist economic agenda, pledging to bring down the trade deficit by canceling or renegotiating trade pacts and aggressively policing the export practices of major trading partners.

Exports totalled $44.5 billion in October, as gains were made in nine of 11 sectors.

It was the second straight month in which the USA trade gap widened, driven in part by goods imported from China of US$48.2 billion, an all-time high, bringing the U.S. trade deficit with that country to US$31.9 billion. Imports, on the other hand, increased to $244.6 billion in October, up from $240.8 billion in September. But that was overwhelmed by a $69.1 billion deficit in the trade of goods. Imports of drilling and oilfield equipment climbed by $304 million, and imports of cellphones rose by $303 million.

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