Record imports push US trade gap to $55.5 billion in October

Record imports in October drove the US trade deficit to the highest level in a decade.

The Commerce Department said that the gap between what the United States sells and what it buys from foreign countries rose to $55.5 billion (£43.5 billion) in October, the fifth straight increase and the highest since October 2008.

The politically sensitive deficit in the trade of goods with China rose 7.1% to a record $43.1 billion (£3.8 billion).

The goods gap with the European Union widened 65.5% to a record $17.6 billion (£13.8 billion).

Led by shipments of medicine and cars, overall imports rose 0.2% to a record $266.5 billion (£208.9 billion). Exports fell 0.1% to $211 billion (£165.4 billion).

President Donald Trump campaigned on a pledge to slash America’s trade deficit.

But the deficit this year is running 11.4% above January-October 2017.

- Press Association

More in this Section

May's loosening grip on power sends sterling plummeting and sinks UK-exposed shares

New house builds ‘to peak at only 25,000’, says country’s largest housebuilder

Blow for Irish retailing staff as Dorothy Perkins-Topshop owner announces store closures

Wholesale woes put brakes on Britvic's Irish growth


Lifestyle

Review: LP, at the Olympia

This is why Zandra Rhodes thinks it’s important to support young designers

Empty-nester Lorraine Kelly reveals a stylish makeover of her daughter Rosie’s bedroom

Sandal season is almost here: 5 footwear trends to be seen in this summer

More From The Irish Examiner