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Imports widen US trade gap
By Jeannine Aversa |
December 17, 2010, Friday
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Print Edition
Print Edition
AMERICANS' stronger appetite for imported goods helped lift the broadest measure of the United States trade deficit in the July-September quarter to its highest point since late 2008.
The current account trade deficit grew to US$127.2 billion in the third quarter, a 3.3 percent increase from the second quarter, the US Commerce Department reported yesterday.
It was the fifth straight quarterly increase. That could be viewed as a healing sign for the US economy as Americans regain their appetite to spend.
Imports grew to US$494.2 billion, up 1.7 percent from the April-June quarter. US demand for consumer goods, including clothing, footwear and household appliances, was especially strong. So was demand for semiconductors.
Exports rose to US$323.1 billion, posting a solid 2.2 percent gain. The falling dollar has made US goods less expensive and more attractive to foreign buyers. Foreign demand was especially strong for US-made machinery, equipment and planes, as well as for foods, feeds and beverages.
The current account is the broadest measure of foreign trade. It tracks the flow of goods and services as well as investments between the US and other countries.
For 2009, the current account gap shrank to US$378.4 billion, a 43.4 percent drop from the 2008 deficit.
The current account trade deficit grew to US$127.2 billion in the third quarter, a 3.3 percent increase from the second quarter, the US Commerce Department reported yesterday.
It was the fifth straight quarterly increase. That could be viewed as a healing sign for the US economy as Americans regain their appetite to spend.
Imports grew to US$494.2 billion, up 1.7 percent from the April-June quarter. US demand for consumer goods, including clothing, footwear and household appliances, was especially strong. So was demand for semiconductors.
Exports rose to US$323.1 billion, posting a solid 2.2 percent gain. The falling dollar has made US goods less expensive and more attractive to foreign buyers. Foreign demand was especially strong for US-made machinery, equipment and planes, as well as for foods, feeds and beverages.
The current account is the broadest measure of foreign trade. It tracks the flow of goods and services as well as investments between the US and other countries.
For 2009, the current account gap shrank to US$378.4 billion, a 43.4 percent drop from the 2008 deficit.
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