U.S. Trade Deficit Hits Another Record

December 14, 2005 8:40 AM, EST

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he U.S. trade deficit grew to a record $68.9 billion in October, as crude oil prices surged and exports dropped by the most in four years, the Commerce Department reported Thursday.

The record gap followed a revised $66 billion deficit in September, Commerce said. Imports rose 2.7% and exports rose 1.7%.

The U.S. trade deficit with China, Canada and Mexico all reached records, the department said.

The record deficit exceeded economists’ forecast of a decline in the trade gap to $62.8 billion, Bloomberg reported.