October Trade Deficit Plagued by China and Oil Imports
Bloomberg was calling for a $42.8 billion deficit and Dow Jones was calling for a consensus target of $42.1 billion for the month. Exports fell by almost $7 billion month-over-month to $180.51 billion, and imports fell by almost $5 billion month-over-month to $222.75 billion. The Commerce Department also showed that the October gap in trading with China was higher by about 1.4%, or a record $29.5 billion in October.
The deficit with Japan also rose, by a whopping 45% to $7 billion. Crude oil imports were on average $0.87 per barrel higher at $99.75 in October, with the tab rising to $25.9 billion from $24.4 billion the prior month.
The Commerce Department’s reading on International Trade is the monthly balance of tangible goods and services and broken out by exports and imports.
JON C. OGG