U.S. Trade Deficit Increases on Record Imports
The U.S. Commerce Department announced this week that the trade deficit rose to $48.7 billion in October, an increase of 8.6% from September and the highest since January 2017. Notably, Commerce reported that “imports hit a record $244.6 billion in October.” The U.S. trade deficit in trade goods totaled $69.1 billion for the month, far outpacing a surplus of $20.3 billion in services (e.g., banking, tourism). To date, the U.S. trade deficit is $462.9 billion, up 11.9% from 2016.
U.S. imports were up 6.5% through October, while exports rose 5.3% over the same period. The trade deficit with China was up 1.7% from September to October and increased 7% this year. See The Washington Post