U.S. trade deficit rises 1.7% to USD 63.1 billion in October

U.S. trade deficit rises 1.7% to USD 63.1 billion in October

AgenciesUpdated: Saturday, December 05, 2020, 01:23 AM IST
article-image
US currency bundled/ Representational Image | Photo by Karolina Grabowska from Pexels

The U.S. trade deficit widened 1.7% in October to $63.1 billion. The politically sensitive gap in the trade of goods with China and Mexico grew.

The gap between the goods and services the United States sold and what it bought abroad rose from $62.1 billion in September, the Commerce Department reported Friday.

The deficit in the trade of goods with China rose 9% to $26.5 billion and the gap with Mexico rose 10% to $11.8 billion.

So far this year, the overall gap in the trade of goods and services with the rest of the world has risen to $536.7 billion, up 9.5% from January-October 2019.

President Donald Trump, who vowed to reduce the trade deficit, has imposed tariffs on foreign steel, aluminum and on $360 billion in Chinese products.

The coronavirus, however, has upended trade in services such as education and travel in which the United States runs persistent surpluses. U.S. services exports are down nearly 20% so far this year, and America's trade surplus in services dropped in October to $18.3 billion, lowest since August 2012.

RECENT STORIES

IMF Raises India’s Growth Forecast To 7.3% For FY25–26, Fastest Among Major Economies
IMF Raises India’s Growth Forecast To 7.3% For FY25–26, Fastest Among Major Economies
Sensex, Nifty Wobble On Weak Global Cues, FII Selling & US-Europe Tariff Tensions
Sensex, Nifty Wobble On Weak Global Cues, FII Selling & US-Europe Tariff Tensions
Davos World Economic Forum 2026: Maharashtra Inks Landmark ₹1 Lakh Crore MoU With Lodha Group To...
Davos World Economic Forum 2026: Maharashtra Inks Landmark ₹1 Lakh Crore MoU With Lodha Group To...
India-EU Summit Next Week To Announce FTA Conclusion, Defence Pact, & Professional Mobility...
India-EU Summit Next Week To Announce FTA Conclusion, Defence Pact, & Professional Mobility...
Tech Mahindra Shares Surge Nearly 3% To 52-Week High As Q3 FY26 Profit Jumps 14% To ₹1,122 Crore
Tech Mahindra Shares Surge Nearly 3% To 52-Week High As Q3 FY26 Profit Jumps 14% To ₹1,122 Crore