U.S. Trade Deficit Widened in October as Exports, Imports Rose
December 04 2020 - 11:23AM
Dow Jones News
By Yuka Hayashi
WASHINGTON -- U.S. exports and imports both rose for a fifth
straight month in October, reflecting a continued recovery in
global commerce driven by a strong economic rebound in China.
Exports from the U.S. rose 2.2% to $182.0 billion from the
previous month, while imports rose 2.1% to $245.1 billion, the
Commerce Department said Friday. The trade deficit widened to $63.1
billion from $62.1 billion. The figures were adjusted for seasonal
variations.
U.S. goods exports to China rose to a record $14.72 billion in
October from $11.54 billion in September and surpassing the
previous high of $13.63 billion set in December 2017. Imports from
China rose to $44.83 billion from $41.21 billion, hitting the
highest level since December 2018.
Global trade has recovered more quickly than economists expected
since widespread lockdowns were imposed in March and April, but
activity remains well below pre-pandemic levels. Economists say the
outlook for trade remains uncertain amid the acceleration in the
spread of the virus globally, but particularly in the U.S.
"Virus transmissions remain elevated and widening restrictions
on activity, at home and abroad, have the potential to disrupt
supply chains and weigh on demand," Rubeela Farooqi, chief U.S.
economist for High Frequency Economics said in a research note.
Compared with a year earlier, U.S. exports in October were down
13.5%, while imports fell 3.3%.
Write to Yuka Hayashi at yuka.hayashi@wsj.com
(END) Dow Jones Newswires
December 04, 2020 11:08 ET (16:08 GMT)
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