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5 December 2017
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Trade Gap (The Total
Investment & Insurance Solutions)
Record imports lifted the U.S. trade deficit to $48.7 billion in
October, highest since January. The
Total Investment & Insurance Solutions
The Commerce Department said Tuesday that the
trade gap rose 8.6 percent in October from $44.9 billion in September. Imports
hit a record $244.6 billion in October, and exports were unchanged at $195.9
billion.
A trade deficit means that the United States
is buying more goods and services from other countries than it is selling them.
A rising trade gap reduces U.S. economic growth. The Total Investment & Insurance Solutions
President Donald Trump views America's
massive trade deficits as a sign of economic weakness. He blames them on bad
trade deals and abusive practices by China and other trade partners.
Conventional economists argue that trade deficits are largely caused not by
flawed trade agreements or cheating by particular countries but by a bigger
economic force: Americans spend more than they produce, and imports have to
fill in the gap.
So far this year, the United States is
running a trade deficit of $462.9 billion, up 11.9 percent from January through
October 2016. U.S. exports are up 5.3 percent this year; a weaker dollar has
made U.S. goods less expensive overseas. Imports are up 6.5 percent the first
10 months of 2017.
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.
In October, the United States ran a surplus
of $20.3 billion with the rest of the world in services such as banking in
tourism. But that was overwhelmed by a $69.1 billion deficit in the trade of
goods.
Crude oil imports were up $1.5 billion in
October. Imports of drilling and oilfield equipment climbed by $304 million,
and imports of cellphones rose by $303 million.The Total Investment & Insurance Solutions
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