America’s trade deficit swelled to an all-time high of $55.5 billion in October as imports — including those from China — surged to the loftiest levels on record. Skyrocketing crude-oil prices also contributed to the yawning trade gap.
The latest snapshot of trade activity, reported by the Commerce Department on Tuesday, showed the country’s trade imbalance widening by a sizable 8.9 percent in October from the previous month — despite the fact that U.S. exports registered their best month ever on record.
The growth in imports, however, dwarfed the pace of exports in October, producing another bloated trade gap. The trade deficit was much bigger than the $52.4 billion imbalance economists were forecasting.
Imports of goods and services climbed to a record high of $153.5 billion in October, representing a 3.4 percent increase from September.
The United States’ politically sensitive trade deficit with China clocked a record $16.8 billion as imports flowing from the country posted all-time highs.