The U.S. trade deficit sank in October, but it’s probably a one-off. Deficits have been running near record highs during the pandemic.
The numbers: The U.S. trade deficit sank almost 18% in October after the biggest surge in exports in 13 years and a slowdown in imports partly tied to congestion at domestic ports.
U.S. exports climbed 8.1% to an all-time high of $223.6 billion. It’s the biggest monthly increase since 2008.Although imports and exports are now both higher than before the pandemic, global trade is still being disrupted by new strains of the coronavirus. The resulting supply chain problems are likely to persist for a while.
The surge in exports won’t be sustained and persistent delays at U.S. ports in unloading waiting ships have curbed imports and contributed to the biggest spike in inflation in 31 years. Th port congestion will eventually clear up. The trade gap in goods with China, meanwhile, fell by $3.2 billion in October to a seasonally adjusted $28.3 billion, but through the first 10 months of 2021 the deficit with China is running well ahead of last year’s pace.
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