Oct. U.S. trade deficit up 4.9% to $42.2 billion *PIC*
Oct. U.S. trade deficit up 4.9% to $42.2 billion (by Jeffry Bartash)
WASHINGTON (MarketWatch) - The U.S. trade deficit climbed 4.9% to $42.2 billion in October from a downwardly revised $40.3 billion in September, the Commerce Department said Tuesday. Imports decreased by 2.1% to $222.8 billion, but exports fell by a larger 3.6% to $180.5 billion. Economists surveyed by MarketWatch forecast the trade deficit to increase to a seasonally adjusted $42.5 billion in October. The export value of U.S. goods - items such as autos, chemicals or electronics - dropped to the lowest level since November 2011, reflecting tough economic conditions in many overseas nations that are key markets for American manufacturers. And imports of foreign goods into the U.S. tumbled to the lowest level since April 2011. On an unadjusted basis, U.S. trade deficits increased with Japan, the European Union and the oil-producing OPEC nations. Surpluses with Brazil, South America and Central America hit record highs.