Markets

Trade deficit narrows to $1.5B in October

Trade deficit narrows to $1.5B in October

The U.S. worldwide trade deficit widened in October, growing 8.6% to $48.7 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

September's trade deficit was upwardly revised from $43.5 billion to $44.9 billion. Market expectations were for a trade deficit of C$2.70 billion, according to economists at Royal Bank of Canada. A rising trade gap reduces USA economic growth.

Meanwhile, imports fell 1.6 per cent to $45.9 billion in October, mainly due to a drop in motor vehicles and parts.

So far this year, the United States is running a trade deficit of $462.9 billion, up 11.9 percent from a year earlier.

Australia to ban, criminalise foreign interference in politics
The senator said banning all foreign donations would ensure no inappropriate foreign interference in Australia's democratic system.

The politically sensitive trade deficit in goods with China rose 1.7 percent to $35.2 billion from September to October and is up 7 percent this year to $309 billion. Imports of drilling and oilfield equipment climbed by $304 million, and imports of cellphones rose by $303 million. If the dollar continues to weaken and global demand for goods continues to pick up, 2018 could be set for a strong year of economic growth in the U.S., Mr. Pearce said.

Narrowing this trade deficit has been one of President Donald Trump's priorities since taking office, and he has turned a critical eye toward trade agreements made among multiple countries.

Exports were unchanged at US$195.9 billion, but services exports were also the highest on record at US$65.6 billion.


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