US trade deficit grows to $55.5B in October

Economy 12/6/2018, 2:30 PM
US trade deficit grows to $55.5B in October

The trade deficit of the United States rose to $55.5 billion in October, up from a revised figure of $54.6 billion in the month before, the US Census Bureau and US Bureau of Economic Analysis said in a release on Thursday. This marks a 1.7% increase month on month and 11.4% year over year, to the highest level since 2008.

Exports amounted to $211 billion, edging down slightly from September, while imports totaled $266.5 billion, adding $600 million monthly, the release noted. The value of goods exported to other countries was down by $0.4 billion to $141.5 billion in the last reported month, while services added $0.1 billion, totaling $69.6 billion. At the same time, goods imported were up by $0.5 billion to $219.6 billion, with the value of services $0.2 billion higher, reaching $46.9 billion.

The US recorded a trade surplus with South and Central America, Hong Kong and Brazil, while the deficit with China and the European Union widened to $38.2 and $15.1, respectively. The deficit with Mexico was $1.2 billion lower in October, at $6.4 billion.

Breaking the News / NI