Strong American export business caused a large drop in the US trade deficit last month, even as imports also rose, according to government data
The gap between imports and exports of goods and services dropped 17.6 percent to $67.1-billion last month, bringing the trade deficit down from a record hit the month before, the Commerce Department reported.
Sales of goods jumped the most with a $15.8-billion increase led by industrial supplies and materials, while services exports rose only $1-billion. Mahir Rasheed of Oxford Economics called October a"historically strong month for exports," and noted that while the trade deficit remains above its level before the Covid-19 pandemic,"we expect stronger export growth and moderation in import volumes to keep the deficit stable next year after reaching multiple record highs in 2021."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden vows to fix US money laundering loopholesDesjacques said the animal protection associations would file criminal charges against the man for mistreatment of animals and negligence.
Read more »
Instagram tightens teen defenses as US hearing loomsInstagram on Tuesday tightened protections for teens on the eve of a Senate hearing about whether it is 'toxic' for young users.
Read more »
US financial regulators investigate Trump social media dealDigital World said the SEC asked for documents in early November relating to communications between Digital World and TMTG, meetings of Digital World's board, policies and procedures relating to trading, the identification of banking, telephone, and email addresses and the identities of certain investors.
Read more »
Karabo and Issa’s fossils suggest they walked like us, but climbed like apesLumbar vertebra fossils discovered in the Cradle of Humankind have thrown new light on Australopithecus sediba
Read more »
US regulators probe Trump social media dealUS regulators are scrutinising a deal between Donald Trump's fledgling social media company and an investment vehicle.
Read more »
US vows to boost military presence if Russia attacks Ukraine
Read more »