US Trade Deficit Increases to 3-Month High as Export Growth Slows
• Trade deficit rose 5% to $64.3B in October, a 3-month high, as exports of cars and COVID drugs declined • Imports edged up 0.2% to $323B, driven by computers and oil drilling equipment • Exports fell 1% to $258.8B, remaining near record highs • U.S. still on track for smallest annual increase in trade deficit in 3 years • Net trade expected to modestly drag Q4 GDP growth, per Capital Economics