US trade deficit jumps to 12-year high in July | The Business Standard
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SATURDAY, SEPTEMBER 23, 2023
US trade deficit jumps to 12-year high in July

Global Economy

Reuters
03 September, 2020, 06:50 pm
Last modified: 03 September, 2020, 06:53 pm

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US trade deficit jumps to 12-year high in July

The Commerce Department said on Thursday the trade deficit jumped 18.9 percent to $63.6 billion, the highest since July 2008

Reuters
03 September, 2020, 06:50 pm
Last modified: 03 September, 2020, 06:53 pm
An US flag waves in the wind on a boat near the Statue of Liberty in New York August 31, 2011. REUTERS/Lucas Jackson
An US flag waves in the wind on a boat near the Statue of Liberty in New York August 31, 2011. REUTERS/Lucas Jackson

The US trade deficit surged to its highest level since 2008 in July amid a record increase in imports, suggesting that trade could be a drag on economic growth in the third quarter.

The Commerce Department said on Thursday the trade deficit jumped 18.9 percent to $63.6 billion, the highest since July 2008.

Economists polled by Reuters had forecast the trade gap widening to $58 billion in July.

Imports soared by a historic 10.9 percent to $231.7 billion. Goods imports vaulted 12.3 percent to $196.4 billion. Exports increased 8.1 percent to $168.1 billion. Goods exports rose 11.9 percent to $115.5 billion.

A smaller trade bill contributed to gross domestic product over the last three quarters. The coronarivus crisis severely disrupted trade flows, which are now picking up.

US / Trade Deficit

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