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US trade deficit increases 5.4% in October

US trade deficit increases 5.4% in October

Arab Finance: The US trade deficit has widened by 5.4% to $78.2 billion in October, Reuters reported on December 6th, citing data by the US Department of Commerce.

This marks the second consecutive monthly increase in the trade gap.

Exports slipped by 0.7% to $256.6 billion in October, with goods shipments falling by 2.1% to $176 billion.

Despite the drop in exports of industrial supplies that heavily affects natural gas and other petroleum products, crude oil exports grew $1.6 billion.

Exports of consumer goods dropped as well due to a $2.2 billion decline in pharmaceutical products.

However, exports of food, capital goods, and services rose in October.

Meanwhile, imports edged up by 0.6% to $334.8 billion, with goods increasing by 0.9% to 275.6 billion.

Imports of automotive vehicles, parts, and engines hit record highs, and imports of pharmaceutical preparations rose $2.7 billion.

On the other hand, consumer goods imports fell as demand for goods in general slowed due to higher borrowing costs.

 

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