Statistics Canada says trade deficit narrows to $1.5 billion in October

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Statistics Canada says trade deficit narrows to $1.5 billion in October

Record imports lifted the USA trade deficit to $48.7 billion in October, the highest since January. 5, 2017, the Commerce Department reports on the US trade gap for October.

Exports were unchanged at $195.9 billion, but services exports were also the highest on record at $65.6 billion.

The report said the trade deficit widened to $48.7 billion in October from a revised $44.9 billion in September. Market expectations were for a trade deficit of C$2.70 billion, according to economists at Royal Bank of Canada.

Imports of crude oil shot up by USD1.5 billion, while imports of consumer goods and other goods also showed notable increases. USA exports are up 5.3 percent this year; a weaker dollar has made US goods less expensive overseas.

Imports rose 1.6 percent over September to $244.6 billion, seasonally adjusted, the highest since the Commerce Department began publishing the statistic in 1992. Shipments from Mexico were also the highest ever, causing the US gap with that country to expand in October.

Imports of mobile phones rose $300 million as did transportation services.

The bigger than expected increase in the size of the deficit was primarily due to a jump in the value of imports, which surged up by 1.6% to USD244.6 billion.

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