Updated: 05-Dec-17 09:12 ET
|Updated: 05-Dec-17 09:12 ET
- The trade deficit widened to $48.7 billion (Briefing.com consensus -$47.4 billion) from a downwardly revised $44.9 billion (from -$43.5 billion) in September.
- The widening deficit in October was the result of exports being down less than $0.1 billion from September exports and imports being $3.8 billion more than September imports.
- Exports of foods, feeds, and beverages decreased $1.3 billion; capital goods exports decreased $1.2 billion; and industrial supplies and materials exports increased $2.6 billion
- Imports of industrial supplies and materials increased $1.8 billion; imports of other goods jumped $1.1 billion; and imports of consumer goods, led by cell phones, increased $0.8 billion
- The trade deficit with China increased $2.1 billion to $31.9 billion in October
- The key takeaway from the report is that trade will be accounted for as a negative input in fourth quarter GDP models considering that the real trade deficit of $65.3 billion is 5.3% higher than the third quarter average real trade deficit of $62.0 billion.