HispanicBusiness

The U.S. trade deficit grew 4.9 percent in October, as the decline of exports outpaced the drop of imports, U.S. Commerce Department reported on Tuesday.

The total trade deficit grew to about 42.2 billion U.S. dollars in October, from the revised 40.3 billion dollars in September.

Exports fell 3.6 percent from the previous month to 180.5 billion dollars in October. Imports decreased 2.1 percent from the previous month to 222.8 billion dollars in October.

The monthly trade deficit with China rose to a record high of 29.5 billion dollars in October from 29.1 billion dollars in September, said the department. China has been one of the fastest growing markets for U.S. goods in recent years.

Ahead of a high-level bilateral talks between the United States and China scheduled for next week in Washington, U.S. officials called for greater efforts to build a strong foundation for bilateral trade.

The upcoming discussions "come at an important time and are an opportunity to set the future trajectory of U.S.- China economic relations. Creating a healthy and balanced trade relationship with China is important to the United States," Rebecca Blank, acting U. S. Commerce Secretary, said on Monday in a statement.

The U.S.-China Joint Commission on Commerce and Trade (JCCT) was critical to resolving important trade and investment issues for U.S. stakeholders and to moving U.S. trade relationship with China forward, U.S. Trade Representative Ron Kirk said in the statement released before the 23rd session of JCCT.

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