US Trade Deficit Widens More Than Expected To USD48.7 Billion In October

Riders and their horses pass through a canola field near Cremona Alta. Exports of canola and canola seed were up helping boost agricultural exports by 7.7 per cent

Imports rose 1.6% in October from the prior month, while exports were little changed.

Especially strong was the rise in energy exports, primarily to the U.S. Exports of gasoline blending stock were up 44.5 per cent and diesel and fuel oils exports rose 18.4 per cent after a recent drawdown in U.S. inventories of refined petroleum products.

Imports of goods also increased from Mexico to US$28.7 billion and from the European Union to US$39.4 billion.

The U.S. Chamber of Commerce said in a May report that they disagree "with the contention that the goods trade deficit is an appropriate gauge of whether a particular set of trade policies - or trade agreements - is delivering benefits to the American people more broadly".

To be sure, the export categories that dropped in October are typically volatile and prone to large swings from month to month, so soybeans or civilian aircraft exports could pick up again in 2017's remaining two months. The previous month's trade deficit was revised to C$3.36 billion from the earlier estimate of C$3.18 billion.

On the other hand, the Commerce Department said the value of exports edged down by less than a tenth of a % to USD195.9 billion.

Global trade data can be volatile from month to month.

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Exports rose across nearly all sectors to $44.5 billion after shrinking for the past four months. "We project the USA trade and current account deficits will widen".

World trade flows have grown this year, as global economies are growing in sync and at almost the best paces since the recession. A reading above 50 in the ISM index indicates an expansion in the services sector, which accounts for more than two-thirds of the US economy.

Republican President Donald Trump has blamed the trade deficit for the massive loss of USA manufacturing jobs as well as moderate economic growth.

The Trump administration has focused its trade policy efforts on lowering the trade deficit, arguing that the United States has been shafted in trade deals such as the North American Free Trade Agreement.

Historically speaking, the US imports more good than it exports, but runs a modest trade surplus for services.

"While U.S. domestic demand will strengthen, foreign producers will supply an increased share", said Mickey Levy, chief economist Americas and Asia at Berenberg Capital Markets in NY. Mr. Trump also pulled the USA out of the Trans-Pacific Partnership in early 2017, a pact that would have bound closer together the economies of 12 nations.

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