QR.bizNewsU.S. trade gap widens in October on record imports

U.S. trade gap widens in October on record imports

But trade deficits this year - which have reached $462.9 billion and are up 11.9 percent from last year - are on track to eclipse 2016 levels and will likely climb to more than $500 billion by year's end.

"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".

USA imports of goods and services rose to the highest on record in October, widening the trade gap to its highest level in nine months, according to government data released on Tuesday (Dec 5).

Good coming into the USA from China, Mexico and the European Union all hit record levels, which boosted the trade gap to $48.7 billion - from $44.9 billion in September- and is the highest since President Trump took office in January.

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

Meanwhile, imports fell to $45.9 billion in October, mainly due to a drop in motor vehicles and parts which fell 8.1 per cent. Import volumes fell 3.9 per cent while prices rose 2.4 per cent. He blames them on bad trade deals and abusive practices by China and other trade partners.

Crude oil imports were up $1.5 billion in October.

Imports of industrial supplies and materials increased $1.8 billion, reflecting a $1.5 billion increase in crude oil imports.

Apart from the $1.5-billion increase in crude oil imports, the higher USA import bill was due to the highest on record imports of food, feeds, and beverages, and the highest on record non-petroleum imports.

The goods deficit with China increased from $34.6 billion in September to $35.2 billion in October.

The agency says the shortfall was less than half the $3.4-billion deficit in September.

US trade gap widens in October on record imports

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