US Trade Gap Widened in October as Export-Growth Stalled

US Trade Gap Widened in October as Export-Growth Stalled

The U.S. crude oil imports rose to $10.664 billion in October from $9.131 billion in September.

Exports increased 2.7 per cent to $44.5 billion in October, following four consecutive monthly declines, as gains were made in nine of 11 sectors.

The U.S. imported more barrels of crude oil in October compared with the prior month, and at a higher average price.

A trade deficit means that the United States is buying more goods and services from other countries than it is selling them.

The bigger than expected increase in the size of the deficit was primarily due to a jump in the value of imports, which surged up by 1.6% to USD244.6 billion.

He added, "Together with the depreciation of the dollar this year, we think export growth should rebound over the coming months, suggesting that net trade should be broadly neutral for economic growth next year".

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"I give China great credit, but in actuality I do blame past administrations for allowing this out-of-control trade deficit to take place", Trump said.

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.

During his five-nation tour across Asia, the president promoted business deals in Japan, South Korea and China as ways to help lower trade deficits with major trading partners across the Pacific Rim. 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.

Trump, who has been highly critical of the USA trade deficit with China, shifted responsibility for the gap to previous US administrations for failing to crack down on China amid widening trade gaps.

The October increase in the goods and services deficit reflected an increase in the goods deficit of $3.8 billion to $69.1 billion and a decrease in the services surplus of less than $0.1 billion to $20.3 billion. Imports of drilling and oilfield equipment climbed by $304 million, and imports of cellphones rose by $303 million.

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