US trade deficit continued to increase
2022.12.06 09:19
US trade deficit continued to increase
Budrigannews.com – In October, exports were harmed by slowing global demand and a strong dollar, which led to a sharp increase in the U.S. trade deficit.
The Commerce Department reported on Tuesday that the trade deficit increased by 5.4 percent to $78.2 billion. To $256.6 billion, exports decreased 0.7%. To $334.8 billion, imports increased 0.6%.
As a result of the Federal Reserve’s most rapid rate-increasing cycle since the 1980s to combat inflation, the dollar appreciated by more than 11% against the currencies of the United States’ main trade partners by December 2021’s end.
One of the main reasons for the rebound in U.S. economic growth in the third quarter was a smaller trade deficit. Trade could be a drag on GDP this quarter, according to the sharp increase in the deficit in October.
