Arab Today, arab today us trade deficit grows as exports hit 3year low
Last Updated : GMT 11:55:45
Arab Today, arab today
Arab Today, arab today

US trade deficit grows as exports hit 3-year low

Arab Today, arab today

Arab Today, arab today US trade deficit grows as exports hit 3-year low

US trade deficit
Washington - AFP

The US trade deficit widened in October as exports fell to their lowest level in three years amid a slowing global economy and a strong dollar, official data showed Friday.

The trade gap widened to $43.9 billion in October from an upwardly revised September reading of $42.5 billion.

Exports fell faster than imports, another sign of the cause of weakness in the struggling US manufacturing sector, as the strong dollar makes exports relatively more expensive and lackluster global growth weakens demand.

Exports dropped 1.4 percent to $184.1 billion as all categories of goods exports fell, from industrial supplies and materials, down to a five-year low, to capital goods, automobiles and consumer goods.

Services exports, including transport and financial services, increased modestly.

The growing shortfall cast a cloud over the US economy as it entered the fourth quarter, as a fall in exports subtracts from gross domestic product growth.

"The October trade report is consistent with our view that soft international demand and the strong dollar will lead net exports to continue to act as a headwind to GDP growth over the next several quarters," said Barclays Research analyst Jesse Hurwitz .

Despite the strong dollar boosting American consumers (Other OTC: ANCS - news) ' buying power, imports slipped 0.6 percent to $228.0 billion.

The decline was seen in both goods and services, with imports of industrial supplies and materials the leading the pullback.

The trade gap in petroleum products shrank to $4.1 billion, its lowest level since 1999, reflecting the boom in US natural gas and shale oil production, and falling oil prices.

Over the first 10 months of the year, the trade gap rose to $22.2 billion, a gain of 5.3 percent from the same period in 2014.

The October widening of the deficit came as the politically sensitive trade gap with China shrank about nine percent to $33.0 billion, according to data not seasonally adjusted.

Officials and businesses have long complained that the Chinese government keeps its yuan currency undervalued to gain an unfair advantage for its exports, while the US Treasury recently has softened the tone of its pressure.

The trade gap with the 28-nation European Union jumped 12.7 percent to $13.3 billion as the two trade partners negotiate a broad free-trade pact.

With Canada, the largest US trade partner, the trade balance swung into a modest surplus of $252 million after a $2.1 billion deficit in September.

The disappointing trade data came as the Labor Department, in a separate report, said the economy added a solid 211,000 jobs in November and revised upward the jobs growth in the previous two months. The unemployment rate held steady at 5.0 percent, a seven-year low.

Jim O'Sullivan, chief US economist at High Frequency Economics, said the bigger trade deficit posed a speed bump for the US economy's momentum.

"Despite the drag from trade, overall growth still looks strong enough to generate ongoing labor market improvement," O'Sullivan said.

 

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 grows as exports hit 3year low Arab Today, arab today us trade deficit grows as exports hit 3year low

 



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 grows as exports hit 3year low Arab Today, arab today us trade deficit grows as exports hit 3year low

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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