deficit
Washington (AFP) - The US trade deficit narrowed in 2023 to the smallest in three years, government data showed Wednesday, while the country imported more goods from Mexico than China for the first time in about two decades. The latest figures add to a series of positive economic news for President Joe Biden, who has been working to boost sentiment on his handling of the economy as his November reelection campaign picks up pace. For all of 2023, the overall trade gap was $773.4 billion, down 18.7 percent from the $951.2 billion figure in the prior year, US Commerce Department figures showed. I...
AFP
Washington (AFP) - An increase in exports helped to reduce the overall US trade deficit in August to the smallest since late 2020, according to government data released on Thursday. The trade gap shrank to $58.3 billion, down nearly 10 percent from July's revised figure of $64.7 billion, said the Commerce Department. Analysts had expected a smaller change in deficit and the latest numbers showed exports rose $4.1 billion to $256 billion in August. Imports slipped by $2.3 billion from July to $314.3 billion. While consumer spending has helped to boost US trade, analysts have warned that this co...
AFP
Washington (AFP) - The US trade deficit narrowed in June on a bigger pullback in imports than exports, according to government data released on Tuesday. The overall trade gap came in at $65.5 billion in June, down from a revised $68.3 billion figure in May, Commerce Department data showed. This came as exports fell by $0.3 billion to $247.5 billion, while imports dropped $3.1 billion to $313.0 billion. While stronger than expected consumer spending has helped to boost US trade, analysts have noted that this could weaken going forward. "Overall, trade flows continued to slow in the second quart...
AFP
Washington (AFP) - The US trade deficit grew in April on a pullback in exports, bringing the gap to its widest since October 2022, according to government data released on Wednesday. Although the country's imports have been boosted by resilient consumer spending, analysts expect this trend to weaken as well going forward, while tighter lending conditions weigh on investments. The anticipation is that trade could bring negative growth to gross domestic product in the second quarter of the year. In April, the overall trade deficit was $74.6 billion, expanding slightly less than expected by $14 b...
AFP
Philadelphia (AFP) - President Joe Biden presented what amounts to his 2024 reelection pitch on the US economy Thursday, with a proposed budget slapping new taxes on the rich, while touting assistance for blue collar Americans. "My budget reflects what we can do to lift the burden on hard-working Americans," Biden said in a speech at a trade union hall in Philadelphia. "My budget plan is going to give people a fighting chance." The details released by the White House threw down the gauntlet to Republicans as the president builds to an expected reelection campaign announcement. Congressional Re...
AFP
Washington (AFP) - The US trade gap widened to a record in 2022, though expanding less than expected in December, government data said Tuesday, capping off the year on robust imports and strong spending. The overall trade gap grew $103.0 billion from 2021 to $948.1 billion last year, Commerce Department data showed, on a surge in goods imports ranging from crude oil to consumer items including pharmaceuticals and household products. This marks the biggest deficit dating back to 1960, according to government data. Analysts note that trade has been a swing factor in GDP growth over the last yea...
AFP
Washington (AFP) - The US trade deficit narrowed more than anticipated in November on a fall in imports, government figures showed on Thursday, with drops seen in pharmaceuticals and household goods. The overall trade deficit dropped $16.3 billion to $61.5 billion in November, according to Commerce Department data. This was the narrowest deficit since September 2020, and a smaller number than analysts expected. The figure comes as households shift more spending to services instead of goods, with consumers squeezed by stubbornly high inflation. In particular, imports fell 6.4 percent to $313.4 ...
AFP
Washington (AFP) - The US trade gap widened in September after five straight months of decline, government data showed Thursday, on cooling food and energy exports while imports of products like semiconductors and consumer goods picked up. Although companies had rushed to replenish depleted inventories to meet strong demand from consumers, analysts caution that domestic demand in the United States would weaken while a strong dollar and slowing global growth bog down exports. In September, the overall trade deficit widened to $73.3 billion, up from a revised $65.7 billion figure in August, Comm...
AFP
Washington (AFP) - President Joe Biden on Friday predicted a final-hour shift in favor of the Democrats in the midterm elections, saying that the economy, seen as the party's weakest issue, is steadily improving. "It's been back and forth, with them ahead, us ahead, them ahead, back and forth," Biden told reporters at the White House, three weeks before elections deciding control of Congress. "Polls have been all over the place. I think we're going to see one more shift back to our side in the closing days," Biden said. Recent polls show momentum rising on the Republican side, with voters incr...
AFP
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