International Trade Balance Widened to 9-Month High in October

International Trade Balance Widened to 9-Month High in October

It was the second straight month in which the United States trade gap widened, driven in part by goods imported from China of US$48.2 billion, an all-time high, bringing the U.S. trade deficit with that country to US$31.9 billion.

The U.S. worldwide trade deficit widened in October, growing 8.6% to $48.7 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

President Donald Trump views America's massive trade deficits as a sign of economic weakness.

Canada's merchandise trade deficit in October narrowed from the previous month to a seasonally adjusted 1.47 billion Canadian dollars ($1.16 billion), Statistics Canada said Tuesday.

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Moreover, most of the deterioration in the trade balance was due to goods trade, as the advanced trade balance report released recently indicated. Exports of services grew 0.5% to $65.6 billion.

"The strength of the ISM manufacturing export orders index points to a clear upward trend in non-oil exports, so we're hoping that the October drop will prove to be a one-time fluke, but for now it looks as though net foreign trade will be a drag on Q4 GDP growth". Imports are up 6.5 percent the first 10 months of 2017.

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.

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