Background

The U.S. monthly trade deficit in goods and services increased 8.5 percent in October to $48.7 billion. Exports were virtually unchanged at $195.9 billion while imports rose 1.6 percent to $244.6 billion. For the year to date the U.S. trade deficit is up 11.9 percent over the same period in 2016 as imports (6.5 percent) have risen faster than exports (5.3 percent).

According to Commerce Department statistics, the deficit in goods trade gained 5.8 percent to $69.1 billion in October. Imports of goods were up 1.8 percent to $199.4 billion, including increases of $1.5 billion in crude oil and $300 million in cell phones. Exports of goods slipped 0.2 percent to $130.3 billion, including decreases of $1.4 billion in soybeans and $1.1 billion in civilian aircraft.

The services surplus declined less than $0.1 billion to $20.3 billion. Imports rose 0.7 percent to $45.2 billion and exports gained 0.5 percent to $65.6 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$31.9 billion

+6.7

   

European Union

$12.0 billion

-17.8

   

Mexico

$6.0 billion

+17.6

   

Japan

$5.9 billion

0

   

Germany

$5.3 billion

-10.2

   

Italy

$2.7 billion

-6.9

   

South Korea

$2.7 billion

+12.5

   

India

$2.1 billion

-8.7

   

Canada

$1.9 billion

Change from $0.1 billion surplus

   

Taiwan

$1.6 billion

+6.7

   

France

$1.6 billion

+33.3

   

South/Central America

   

$3.9 billion

+77.3

Hong Kong

   

$2.3 billion

-14.8

Brazil

   

$1.1 billion

+37.5

Singapore

   

$0.7 billion

0

Saudi Arabia

   

$0.3 billion

-50.0

United Kingdom

   

$0.2 billion

-71.4

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