WASHINGTON, The US trade deficit hit a 10-year high as it increased 1.7 percent to USD 55.5 billion, the highest level since October 2008, official data showed Thursday.
The Department of Commerce indicated in a report that the goods and services deficit was USD 55.5 billion in October, up USD 0.9 billion from USD 54.6 billion in September, “revised.” It noted that the October increase in the goods and services deficit reflected an increase in the goods deficit of USD 0.9 billion to USD 78.1 billion and a decrease in the services surplus of USD 0.1 billion to USD 22.6 billion.
Year-to-date, the report showed that goods and services deficit increased USD 51.3 billion, or 11.4 percent, from the same period in 2017.
Exports increased USD 149.3 billion or 7.7 percent, whereas imports increased USD 200.6 billion or 8.4 percent.
Source: Kuwait News Agency