American trade deficit surges
Source: Agencies |
March 10, 2012, Saturday
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Print Edition
Print Edition
THE United States trade deficit surged to the widest imbalance in more than three years in January as imports hit an all-time high, reflecting big demand for foreign-made cars, computers and food products.
US exports to Europe fell, raising concerns that the debt crisis in that region could dampen American economic growth.
The January trade deficit widened to US$52.6 billion, the biggest gap since October 2008, the US Commerce Department reported yesterday.
Imports rose 2.1 percent to a record US$233.4 billion.
Exports were up a smaller 1.4 percent to US$180.8 billion. Exports to Europe fell 7.5 percent.
Economists are looking for the deficit this year to widen from last year's US$560 billion imbalance, reflecting in part the economic woes in Europe. A wider deficit can depress growth because it usually means fewer export-related jobs.
Last year, the US economy expanded by just 1.7 percent, roughly half the rate in 2010. A National Association for Business Economics forecasting panel expects growth to improve to 2.3 percent this year and accelerate to 2.8 percent next year.
In January, the deficit with China rose 12.5 percent to US$26 billion.
US exports to Europe fell, raising concerns that the debt crisis in that region could dampen American economic growth.
The January trade deficit widened to US$52.6 billion, the biggest gap since October 2008, the US Commerce Department reported yesterday.
Imports rose 2.1 percent to a record US$233.4 billion.
Exports were up a smaller 1.4 percent to US$180.8 billion. Exports to Europe fell 7.5 percent.
Economists are looking for the deficit this year to widen from last year's US$560 billion imbalance, reflecting in part the economic woes in Europe. A wider deficit can depress growth because it usually means fewer export-related jobs.
Last year, the US economy expanded by just 1.7 percent, roughly half the rate in 2010. A National Association for Business Economics forecasting panel expects growth to improve to 2.3 percent this year and accelerate to 2.8 percent next year.
In January, the deficit with China rose 12.5 percent to US$26 billion.
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