US Trade Deficit Shrinks in October
The US trade gap fell in October to $43.47 billion, down from a revised $44.17 billion deficit in September. This is the fourth straight month that the deficit has been lower than the previous month. Of the total, $28.07 billion…
The US trade gap fell in October to $43.47 billion, down from a revised $44.17 billion deficit in September. This is the fourth straight month that the deficit has been lower than the previous month.
Of the total, $28.07 billion represents the US trade deficit with China, the US’s second largest trading partner. The gap with Canada, America’s largest trading partner, fell by more than $36 billion to $2.25 billion.
Total US exports, however, declined slightly, by -0.8%, to $179.17 billion. Total imports fell by 1%, to $222.64 billion.
Imports of crude oil fell by more than $2 billion compared with September imports, while exports of refined products rose to a record $10.5 billion. US exports of diesel fuel and gasoline have been rising as US consumption continues to decline.
Imports from China were the highest on record at $37.81 billion, and US exports to China totaled $9.74 billion, a jump of more than 16%.
The trade deficit in advanced technology products reached $10.4 billion, on $25.4 billion in exports and $35.9 billion in imports.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
