U.S. Trade Deficit Up First Time In Five Months

Politically sensitive deficit with China grew 9.1 percent to a record-high $25.93 billion said the Commerce Department.

WASHINGTON (Kyodo) β€” The U.S. deficit in global goods and services trade in October grew 1.2 percent from the previous month to $57.82 billion, up for the first time in five months, the Commerce Department said Wednesday.
The politically sensitive deficit in goods and services trade with China grew 9.1 percent to a record-high $25.93 billion and that with Japan was up sharply by 28.6 percent to $7.96 billion, the department said in a preliminary report.
The total deficit in goods and services trade increased in October from September's revised $57.12 billion, as imports grew faster than exports. The latest figure was higher than the $57 billion widely expected by market players and analysts.
The global trade figures are measured on a balance-of-payments basis after seasonal adjustment, and the country-by-country and regional breakdown is based on unadjusted customs-cleared data.
The department said overall U.S. imports of goods and services rose 1.0 percent to a record-high $199.51 billion.
Imports of petroleum products were up 8.2 percent to $29.59 billion, sending the trade deficit in petroleum products 8.7 percent higher to $26.30 billion.
The average import price per barrel of crude oil came to $72.49 in October, up from $68.51 the previous month, marking the highest level on record.
The goods trade deficit with members of the Organization of Petroleum Exporting Countries dipped 0.6 percent to $11 billion, with imports up 3.9 percent to $15.85 billion.
Overall U.S. exports of goods and services were up 0.9 percent to an all-time high of $141.68 billion on higher shipments of civilian aircraft, industrial engines and other capital goods.
As for the goods trade with China, exports gained 1.3 percent to $5.68 billion, and imports rose 7.6 percent to $31.61 billion, the highest on record.
Exports to Japan were up 5.8 percent to $5.55 billion, and imports leaped 18.2 percent to $13.51 billion.
The U.S. deficit in global goods trade widened 1.4 percent in October to $66.77 billion, while the services trade produced a surplus of $8.95 billion, up 2.5 percent.
The U.S. deficit in goods trade with the four newly industrialized economies of Asia β€” Hong Kong, South Korea, Singapore and Taiwan β€” came to $153 million, compared with the prior month's $119 million.
The U.S. deficit with the European Union swelled 84.9 percent to $11.90 billion.
More in Supply Chain