The U.S. trade deficit increased to $48.7 billion in October from $44.9 billion in September amid rising imports and higher crude oil prices, increasing the value of U.S. oil imports, government data showed on Tuesday.
Total U.S. exports were $195.9 billion in October, down by less than $0.1 billion from September. Imports, on the other hand, increased to $244.6 billion in October, up from $240.8 billion in September.
The trade deficit increased to the highest since January and was above expectations of a Reuters poll of economists who had predicted the October deficit would stand at $47.5 billion.
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