Market news
04.12.2020, 14:02

U.S. trade deficit widens less than expected in October

The U.S. Commerce Department reported on Friday that U.S. the goods and services trade deficit widened to $63.1 billion in October from a revised $62.1 billion in the previous month (originally a gap of $63.9 billion).

Economists had expected a deficit of $64.8 billion.

According to the report, the October rise in the goods and services deficit reflected an increase in the goods deficit of $0.6 billion to $81.4 billion and a decrease in the services surplus of $0.4 billion to $18.3 billion.

In October, exports of goods and services from the U.S. increased 2.2 percent m-o-m to $182.0 billion, while imports jumped 2.1 percent m-o-m to $245.1 billion, in part, due to the impact of COVID-19, as many businesses continued recovery from the sharp declines earlier this year.

Year-to-date, the goods and services deficit climbed 9.5 percent from the same period in 2019. Exports plunged 16.4 percent, while imports tumbled 11.5 percent.

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