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

Plants you can pop on your patio for summer

A Question of Taste with Cormac Begley

Will Smith lets the Genie out of the bottle about Aladdin

New album of Rory Gallagher's music features unreleased tracks

More From The Irish Examiner