U.S. Foreign Trade Deficit Trimmed in October but Remains Historically Elevated
According to the U.S. Department of Commerce, in seasonally adjusted terms, the U.S. foreign trade deficit slowed down to a monthly pace of 14.6% to reach a still-alarming $82.9 billion.
According to the U.S. Department of Commerce, in seasonally adjusted terms, the U.S. foreign trade deficit slowed down to a monthly pace of 14.6% to reach a still-alarming $82.9 billion. Exports increased by 10.8% on the month to reach $157.4 billion, while imports increased by just 0.5% to hit $240.3bn.
Commenting on the latest trade numbers, economists at Pantheon Macroeconomics highlighted the across-the-board gains in exports.
"Data on container movements at major ports signalled a smaller gain in exports and a bigger rise in imports, but these data are incomplete and often unreliable," they added on a Reuters’ interview. "Still, this report gets Q4 off to a strong start; remember net foreign trade subtracted 1.2 percentage points from Q3 GDP growth; that now seems set to reverse, at least, in Q4."
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