December 11, 2008

U.S. trade deficit rose in October

The U.S. trade deficit increased by $600 million in October, the U.S. Bureau of Economic Analysis said Thursday.

Exports in October totaled $151.7 billion, while imports totaled $208.9 billion, resulting in a trade deficit of $57.2 billion, up from September's revised figure of $56.6 billion, the bureau said.

The goods deficit decreased $300 million to $69.8 billion as exports decreased $3 billion, tripped up by a recession building in Europe. Imports of goods were down $2.7 billion for the month with decreases in capital goods, vehicles and industrial supplies and materials.

Exports of services declined $300 million to $46.9 billion with the slowdown more than accounted for by decreases in travel, the report said.

Imports of services in the month was virtually unchanged, at $34.3 billion, the report said.

For the month, the United States recorded surpluses of $1.2 billion with Hong Kong and Singapore and smaller surpluses with Australia and Egypt

The largest deficit was registered with China, where the imbalance rose from $27.8 billion in September to $28 billion.

The U.S. deficit with the Organization of Petroleum Exporting Countries reached $14 billion, up from September's $13.4 billion.