U.S. trade deficit rises to $48.7 billion on record imports

Gwen Vasquez
December 6, 2017

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

So far this year, the United States is running a trade deficit of $462.9 billion, up 11.9 percent from January through October 2016.

The U.S. Chamber of Commerce said in a May report that they disagree "with the contention that the goods trade deficit is an appropriate gauge of whether a particular set of trade policies - or trade agreements - is delivering benefits to the American people more broadly".

Statistics Canada says the country's merchandise trade deficit narrowed to $1.5 billion in October as exports improved and imports took a step back.

Imports hit a record $244.6 billion in October on growing USA demand amid an improving economy, while exports were unchanged at $195.9 billion from September.

The average import price of crude oil stood at $47.26 per barrel in October, the highest level since August 2015, when it was $49.33, according to the Monthly Trade Highlights.

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Goods and services from China totaled $48.2 billion, while European Union imports amounted to $39.4 billion and Mexico's exports grew to $28.7 billion, which are all record highs.

Other highlights in overall worldwide trade of the US last month include the highest imports on record from China, from Mexico, and from the European Union. He blames them on bad trade deals and abusive practices by China and other trade partners.

The goods deficit with China increased from $34.6 billion in September to $35.2 billion in October.

Exports of basic and industrial chemical, plastic and rubber products gained 12.4 per cent, while metal and nonmetallic mineral products increased 4.5 per cent.

Exports to China, meanwhile, were the highest in nearly four years, at US$13 billion. Imports of drilling and oilfield equipment climbed by $304 million, and imports of cellphones rose by $303 million.

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