US trade deficit widens further in October 2017

Imports and Exports | | MIC Customs Solutions |

The US trade deficit widened to a nine-month high in October 2017, with import figures hitting a record peak.

New US trade figures have shown a surge in imports during October 2017, leading to a further widening of the country's trade deficit.

Imports rose by 1.6 per cent to a record $244.6 billion (€207.1 billion), thanks to strong demand for goods such as mobile phones, apparel, household goods and service-related purchases.

Exports, meanwhile, remained unchanged at $195.9 billion, with rising petroleum demand offset by declines in sales of capital equipment and consumer goods. As such, the country's trade deficit rose by 8.6 per cent to $48.7 billion, representing the widest gap since January 2017.

The surge in imports reflected a trend of merchants preparing for the holiday shopping season, with imports from both China and Mexico both hitting their highest levels ever.

However, it is also expected that American export performance is likely to improve in the coming months, as economic conditions gradually improve in other parts of the world.