WASHINGTON (CBS.MW) - The U.S. trade deficit widened by a sharp 8.9 percent in October to a record $55.5 billion, the Commerce Department reported Tuesday, showing that it is going to take more than a strong euro to stop the nation's runaway trade gap.
The widening of the trade deficit was larger than expected. The consensus forecast of Wall Street economists of a deficit of $52.8 billion. The trade gap in September was revised lower to $50.9 billion from the initial estimate of $51.6 billion.
Despite the stronger euro, the U.S. imported $24.7 billion in goods from the European Union in October, the second highest total on record.
Overall, imports rose faster than exports in October.
Imports of goods and services rose 3.4 percent to a record $153.5 billion. This is the largest monthly increase in imports since Nov. 2002.
Exports of goods and services rose a slim 0.6 percent to a record $98.1 billion.
While an increase in imported oil contributed to the worsening of the trade deficit, it was not the only culprit.
The October non-petroleum deficit rose to $42.6 billion, the second highest level on record.
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