The US trade deficit in goods rose by 1.7 percent in October to reach $63.1 billion, as the world's largest economy continued to struggle from the coronavirus pandemic, data from the Commerce Department's Census Bureau showed on Friday
WASHINGTON (Pakistan Point News / Sputnik - 04th December, 2020) The US trade deficit in goods rose by 1.7 percent in October to reach $63.1 billion, as the world's largest economy continued to struggle from the coronavirus pandemic, data from the Commerce Department's Census Bureau showed on Friday.
"The goods and services deficit was $63.1 billion in October, up $1.0 billion from $62.1 billion in September, revised," the bureau said in a news release, accompanying the data.
The US trade deficit with China grew by $2.2 billion to $26.5 billion in October, while the deficit with Mexico increased $1.1 billion to $11.8 billion, the Census Bureau said.
Overall, imports of foreign goods such as automobiles and consumer products grew by 2.1 percent in October, reaching $245.1 billion, as exports expanded by only 2.2 percent to $182 billion, the data showed.
The US economy expanded by 33.1 percent in the third quarter of 2020, after the steepest ever drop of 31.4 percent in the previous three months and a 3.4 percent drop in the first quarter due to lockdowns forced by the COVID-19. Despite the rebound in the just-ended quarter, outlook for the economy remains dire with a spike in infections and mortality threats from the virus, officials said.
