RTRS: US trade gap widens, imports from China set record
WASHINGTON, Dec 11 (Reuters) - The U.S. trade deficit widened unexpectedly in October as imports from China rose to a new record and oil imports rebounded as prices fell by a record amount, a Commerce Department report showed on Thursday.
The trade gap grew 1.1 percent to $57.2 billion, even though imports and exports both fell for the third consecutive month in the face of slumping world demand. Wall Street economists had expected the trade gap to narrow in October to $53.5 billion.
Even as overall imports fell, imports from China increased 2.8 percent to $34.0 billion - a statistic likely to fuel U.S. criticism that China's yuan remains undervalued against the dollar. The U.S. trade gap with China also set a record at $28.0 billion.
