WASHINGTON - The U.S. international trade gap widened to $48.7 billion in October, a larger gap than the $47.5 billion deficit expected and following a revised wider $44.9 billion gap in September, data released by the Commerce Department Tuesday morning showed.
The wider trade gap was the result of a virtually unchanged reading for exports and 1.6% increase in imports to a record high $244.6 billion level.
The revised Census goods gap reported Tuesday was smaller than the advance estimate of $68.3 billion, coming in at $68.1 billion. The Census gap was much wider than September's $64.0 billion reading. The overall BOP goods gap widened to $69.1 billion from $65.2 billion in September.
The services surplus was roughly unchanged from September, narrowing to $20.3 billion from $20.4 billion in September
The chained goods gap widened to $65.3 billion from $62.2 billion in September and was much larger than the $62.0 billion third quarter average, a negative for fourth quarter GDP.
The petroleum gap narrowed to $3.2 billion in October from $3.9 billion in September, though both exports and imports rose on higher prices. The nonpetroleum gap widened to $64.9 billion from $60.1 billion.
Exports held steady in the month, as a $1.4 billion drop in soybean exports and a $1.1 billion drop in civilian aircraft exports were offset by a sharp increase in industrial supplies, with virtually every energy component higher. There were small declines for autos and consumer goods.
Imports were lifted primarily by a price-related surge in crude oil, as the barrel price hit a two-year high. There was also a $0.3 billion gain in cell phone imports due to the new iPhones. A small decline in capital goods imports provided some offset.
The unadjusted trade gaps with the EU, Canada, Mexico, China, and Japan all widened in October.
Trade with China was particularly strong, with exports the highest since December 2013 and imports a record high.
