In October, imports to the USA increased by 1.6% to a record $244.6 billion. Exports were unchanged at $195.9 billion.
Almost half of the increase in the U.S. trade deficit was tied to larger imports of petroleum at higher prices. The average cost of a barrel of oil rose to a more than two-year high of $47.26.
But non-petroleum imports reached anew maximum.. The amount of goods imports from China, Mexico and the European Union all hit record highs.
America’s for consumer staples such as cell phones and HDTVs spurred imports in the approach to the holiday shopping season.
U.S. exports, were held back by a big drop in shipments of large passenger planes and soybeans. Both frequently show sharp swings in late summer and early autumn.