US imports of goods and services rose to the highest on record in October, widening the trade gap to its highest level in nine months, according to government data released Tuesday.
The trade deficit for the month was pushed by rising oil prices, as well as record imports from China ahead of the holiday shopping season, the US Commerce Department said in its monthly report.
Boosted by a weaker US dollar, the October trade gap rose 8.6 percent compared to September, to $48.7 billion, the highest since January, surpassing analyst expectations for an increase of only 5.6 percent.
Imports rose 1.6 percent over September to $244.6 billion, seasonally adjusted, the highest since the Commerce Department began publishing the statistic in 1992.
Exports were unchanged at $195.9 billion, but services exports were also the highest on record at $65.6 billion.
The mounting trade deficit comes the administration of President Donald Trump enters the latter…