US Trade Deficit Narrows Unexpectedly In November
PAY ATTENTION: TUKO is in WhatsApp Channels now! Subscribe and read news in favourite messenger.
The US trade gap narrowed in November as imports and exports both fell while higher interest rates bite, the government reported Tuesday.
Although analysts expected the trade deficit to widen slightly, the gap was smaller than anticipated at $63.2 billion, down from a revised October figure of $64.5 billion, the Commerce Department said.
Resilient consumption has supported US trade, but analysts have expected the effect of higher interest rates, as it weighs on demand, to add pressure on imports.
Meanwhile, exports could take a hit from slower growth in major US trading partners as well, on the back of monetary policy tightening.
In November, US exports slipped $4.8 billion to $253.7 billion while imports dropped more, by $6.1 billion, to $316.9 billion.
Behind the decrease in exports was a fall in goods including $3.6 billion less in industrial supplies and materials such as crude oil and nonmonetary gold.
PAY ATTENTION: Don't miss trending Kenyan news. Follow TUKO.co.ke on Twitter!
Imports of goods also slipped, on the back of lower consumer goods imports such as those of cell phones and pharmaceutical preparations.
The US goods deficit with China slid $2.4 billion to $21.5 billion in November, said the report.
So far, the trade deficit has been on average wider in the fourth quarter compared with the third, said chief US economist Rubeela Farooqi of High Frequency Economics.
"The outlook for trade flows going forward is likely one of moderation, given the trajectory for demand and growth should slow, both domestically and abroad," she added.
Source: AFP
El Nino: 171k People Displaced In Tana River, Governor Godhana Pleads For Urgent Aid To Save Lives
Nairobi: 2 Journalists Stabbed By Bouncers At Club During Crackdown On Shisha Joints
US Fed 'within Striking Distance' Of Inflation Target: Official
The US trade deficit narrowed unexpectedly to $63.2 billion in November last year, said the Commerce Department
US Trade Deficit Narrows Unexpectedly in November | IndustryWeek
U.S. Trade Deficit Unexpectedly Narrows To $63.2 Billion In November
