Arab Today, arab today us trade deficit swells in january
Last Updated : GMT 07:12:59
Arab Today, arab today
Arab Today, arab today

US trade deficit swells in January

Arab Today, arab today

Arab Today, arab today US trade deficit swells in January

The US trade gap rose 2.2 percent to $45.7 billion in January 2016
Washington - AFP

The US trade deficit grew more than expected in January as exports fell more sharply than imports amid a slowing global economy, Commerce Department data released Friday showed.

The trade gap rose 2.2 percent to $45.7 billion in January, well above the analyst estimate of $44.0 billion. Reflecting the sluggishness in the global economy, falling oil prices and a strong dollar, US exports and imports fell to their weakest levels in five years.

Exports of goods and services fell 2.1 percent to $176.5 billion, the lowest level since June 2011.

Imports fell 1.3 percent to $222.1 billion, their lowest since April 2011.

The December trade gap was revised upward to $4.7 billion from $43.4 billion.

"If sustained, the January levels would result in net exports being about a 0.5 point drag on the real GDP growth rate in Q1," said Jim O'Sullivan, chief US economist at High Frequency Economics.

"Of course, despite the drag from trade, overall growth still looks strong enough to generate ongoing labor market improvement."

It was the second consecutive month of a widening trade shortfall, underscoring the global slowdown, led mainly by China and the sharp drop in oil prices since 2014.

Exports, particularly civilian aircraft, to China fell to $8.21 billion, the lowest level since July 2011, helping to widen the politically sensitive goods trade gap by 3.6 percent to $28.9 billion.

The gap had reached a new record of $365.7 billion in 2015, swelling six percent from 2014. US lawmakers have long criticized the Chinese government for keeping the yuan currency undervalued to gain an unfair trade advantage

The US trade gap on petroleum products shrank 22 percent to $4.6 billion as oil prices fell. The average price of a barrel of crude oil was $32.06 in January, a level last seen in April 2004.

Goods exports to key US trading partner Canada, at $19.8 billion, sank to a distant low of July 2010, as did imports from the northern neighbor.

The goods trade gap with Canada rose slightly to $2.4 billion.

The deficit with the 28-nation European Union plummeted 35.0 percent to $8.8 billion.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us trade deficit swells in january Arab Today, arab today us trade deficit swells in january

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us trade deficit swells in january Arab Today, arab today us trade deficit swells in january

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday