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