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

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The US trade deficit in goods and services widened by $3.8bn to reach $48.7bn, according to the Department of Commerce.

Services imports increased as well, rising by $300m to $45.2bn.

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. The widening in trade deficit was mainly driven by stronger than expected rise in imports, which grew 1.6 percent sequentially, while growth in exports stayed flat.

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So far this year, the United States is running a trade deficit of $462.9 billion, up 11.9 percent from a year earlier. Moreover, the trade deficit for September was upwardly revised by Dollars 1.4 billion. Imports increased $146.6 billion or 6.5%.

In October, the United States ran a surplus of $20.3 billion with the rest of the world in services such as banking and tourism.

Exports climbed 2.7% in October to C$44.46 billion on broad-based gains, whereas imports fell 1.6% mostly due to weaker demand for passenger cars and light trucks.

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Average prices for imported crude oil also hit a two-year high at US$47.26 a barrel, moving the value of crude imports up by US$1.5 billion.

Imports of cell phones also rose, by $300m, Commerce said.

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