The US trade deficit rose 18% in October as exports slumped and imports jumped month-over-month.
The goods and services deficit rose to $42.6 billion in October, up from a revised $36.2 billion in September, the Census Bureau and Bureau of Economic Analysis said in a report on Tuesday. October exports totaled $186.4 billion, down by $3.4 billion from September, while imports rose by $3 billion to $229 billion.
The goods deficit in October rose $6.3 billion to $63.4 billion, while the services deficit declined $100 million to $20.8 billion. The deficit decreased 2.1% in the first 10 months of the year from the same timeframe a year earlier, according to the report.
The US deficit was widest with China at $28.9 billion, followed by the European Union at $12.9 billion and Mexico at $5.8 billion. The surplus with Hong Kong totaled $2.6 billion, South and Central America was at $1.8 billion and Singapore at $1.3 billion.
The deficit with China rose $2 billion year-over-year as exports rose by $500 million while imports rose $2.4 billion, the report said.