rain
Monday January 22nd, 2018 4:58PM

US trade deficit rises to $48.7 billion on record imports

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — Record imports lifted the U.S. trade deficit to $48.7 billion in October, highest since January.

The Commerce Department said Tuesday that the trade gap rose 8.6 percent in October from $44.9 billion in September. Imports hit a record $244.6 billion in October, and exports were unchanged at $195.9 billion.

A trade deficit means that the United States is buying more goods and services from other countries than it is selling them. A rising trade gap reduces U.S. economic growth.

President Donald Trump views America's massive trade deficits as a sign of economic weakness. He blames them on bad trade deals and abusive practices by China and other trade partners. Conventional economists argue that trade deficits are largely caused not by flawed trade agreements or cheating by particular countries but by a bigger economic force: Americans spend more than they produce, and imports have to fill in the gap.

So far this year, the United States is running a trade deficit of $462.9 billion, up 11.9 percent from a year earlier. U.S. exports are up 5.3 percent this year; a weaker dollar has made U.S. goods less expensive overseas. Imports are up 6.5 percent the first 10 months of 2017.

The politically sensitive trade deficit in goods with China rose 1.7 percent to $35.2 billion from September to October and is up 7 percent this year to $309 billion.

In October, the United States ran a surplus of $20.3 billion with the rest of the world in services such as banking and tourism. But that was overwhelmed by a $69.1 billion deficit in the trade of goods.

Crude oil imports were up $1.5 billion in October. Imports of drilling and oilfield equipment climbed by $304 million, and imports of cellphones rose by $303 million.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Industries, AP Business - Utilities
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Man held in terror plot to kill British prime minister
British media are reporting that two men due in court to face terror charges plotted to assassinate Prime Minister Theresa May
7:02AM ( 25 minutes ago )
Doctors identify brain abnormalities in Cuba attack patients
Doctors treating the U.S. Embassy victims of mysterious, invisible attacks in Cuba have discovered brain abnormalities as they search for clues to explain hearing, vision, balance and memory damage
7:01AM ( 26 minutes ago )
Warnings intensify as Trump readies Jerusalem declaration
Warnings intensify as Trump readies recognition of Jerusalem, drawing fierce criticism from American friends and foes
6:58AM ( 29 minutes ago )
Associated Press (AP)
Survey: US firms losing confidence in China business climate
Survey finds U.S. companies' China sales improving but outlook clouded by policies and regulatory barriers that hinder market access
6:05AM ( 1 hour ago )
Britain urges move to Brexit phase 2 to solve border issue
British Foreign Secretary Boris Johnson says Brexit negotiations must not be held up by disputes over Irish borders and that the issue should be tackled in phase two of departure talks
4:11AM ( 3 hours ago )
Los Angeles moves toward legal pot sales milestone
Los Angeles is poised to take a major step toward becoming the largest city in the U.S. that licenses the sale and cultivation of recreational marijuana
4:02AM ( 3 hours ago )
AP Business
GOP leaders seek to avert shutdown over spending
Top Republicans are trying to quell GOP divisions and line up support for a short-term spending bill that would avert a partial government shutdown Saturday
2:50AM ( 4 hours ago )
Leaders seek to end GOP fissures over bill averting shutdown
Top Republicans are trying to quell GOP divisions and line up support for a short-term spending bill that would avert a partial government shutdown Saturday
4:55PM ( 14 hours ago )
S&P 500 drops to third straight loss after tech rally fades
Another afternoon fizzle for stocks left the Standard & Poor's 500 index with its third straight loss on Tuesday
4:37PM ( 14 hours ago )
AP Business - Economy
Ridge out of hospital, into rehab following heart attack
Former U.S. Homeland Security Secretary Tom Ridge is out of the hospital more than two weeks after suffering a heart attack and is continuing his recovery in a Texas rehabilitation facility
6:14PM ( 13 hours ago )
Tribes: Trump's monument order disrespects native people
A coalition of Native American tribes are joining the legal fight against President Donald Trump's move to shrink two large national monuments in Utah
2:04PM ( 17 hours ago )
US trade deficit rises to $48.7 billion on record imports
Record imports carry U.S. trade deficit to $48.7 billion in October, highest since January
9:51AM ( 21 hours ago )
AP Business - Industries
Tribal request for Dakota Access spill response plan granted
A federal judge has ordered the Army Corps of Engineers and a pipeline developer to complete an oil spill response plan for a section of the Dakota Access pipeline beneath the Missouri River in North Dakota
3:34PM ( 1 day ago )
UAE denies claim of Yemen missile attack against its plant
UAE state-run news agency denies claim that Yemeni missile targeted its under-construction nuclear plant
8:12AM ( 2 days ago )
The Latest: Trump gets glimpse of New York protesters
Trump gets a glimpse of protesters as he visits New York and takes victory lap at fundraisers after Senate passes tax overhaul
12:24PM ( 3 days ago )
AP Business - Utilities
Man held in terror plot to kill British prime minister
British media are reporting that two men due in court to face terror charges plotted to assassinate Prime Minister Theresa May
7:02AM ( 25 minutes ago )
Doctors identify brain abnormalities in Cuba attack patients
Doctors treating the U.S. Embassy victims of mysterious, invisible attacks in Cuba have discovered brain abnormalities as they search for clues to explain hearing, vision, balance and memory damage
7:01AM ( 26 minutes ago )
Warnings intensify as Trump readies Jerusalem declaration
Warnings intensify as Trump readies recognition of Jerusalem, drawing fierce criticism from American friends and foes
6:58AM ( 29 minutes ago )
The Latest: EU lauds Hallyday as cultural bridge builder
A senior European Union official has lauded Johnny Hallyday as a cultural bridge between European and American culture, and says the French rocker beguiled young and old alike
6:50AM ( 38 minutes ago )
Rock icon Johnny Hallyday, known as French Elvis, dies at 74
Johnny Hallyday, France's biggest rock star for more than half a century who all but lit up the Eiffel Tower with his pumping pelvis and high-voltage tunes, has died at age 74
6:28AM ( 1 hour ago )