Trade Deficit Increases 4.7% for October
The U.S. international trade deficit worsened by 4.7% to $42.2 billion for October, according to a U.S. Department of Commerce report [link opens in PDF] released today.
October's exports came in at $180.5 billion, $6.8 billion less than in September. Likewise, imports were down $4.9 billion to $222.8 billion. Compared to October 2011, the overall trade deficit decreased by $3.5 billion.
Source: U.S. Department of Commerce.
Although the deficit worsened, October's numbers beat analyst expectations by $600 million.
The lag in international trade stems from slowing goods trade, with the goods deficit increasing by $1.8 billion in October to $59.2 billion. The services deficit improved slightly by $100 million to $16.9 billion.
After September's improvement, this newest report suggests the eurozone crisis and global economy continue to negatively affect U.S. business.
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