US August trade gap narrows
Source: Agencies |
October 14, 2011, Friday
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THE United States trade deficit narrowed slightly in August because imports fell a little more than exports.
The US Commerce Department yesterday said the deficit dipped to US$45.61 billion in August, the lowest gap in four months. The July deficit was revised upward to US$45.63 billion.
For the year, the deficit is running at an annual rate of US$564.3 billion, 13 percent higher than last year. A higher deficit acts as a drag on economic growth because it means fewer jobs for American workers.
In August, the US sold fewer cars, aircraft engines and oilfield equipment overseas. Exports slipped by US$95 million to US$177.6 billion.
At the same time, the US imported fewer cars, clothes, televisions and furniture. Imports fell by US$111 million to US$223.2 billion.
Congress on Wednesday approved free trade agreements with South Korea, Colombia and Panama. That ended a four-year impasse in approving new free trade deals.
The US said the deals will boost US exports by US$13 billion a year.
The South Korea FTA will support 70,000 American jobs and could lift exports by US$10 billion, the US said.
That's enough to eliminate the current US$10 billion trade deficit the US has with South Korea.
The US Commerce Department yesterday said the deficit dipped to US$45.61 billion in August, the lowest gap in four months. The July deficit was revised upward to US$45.63 billion.
For the year, the deficit is running at an annual rate of US$564.3 billion, 13 percent higher than last year. A higher deficit acts as a drag on economic growth because it means fewer jobs for American workers.
In August, the US sold fewer cars, aircraft engines and oilfield equipment overseas. Exports slipped by US$95 million to US$177.6 billion.
At the same time, the US imported fewer cars, clothes, televisions and furniture. Imports fell by US$111 million to US$223.2 billion.
Congress on Wednesday approved free trade agreements with South Korea, Colombia and Panama. That ended a four-year impasse in approving new free trade deals.
The US said the deals will boost US exports by US$13 billion a year.
The South Korea FTA will support 70,000 American jobs and could lift exports by US$10 billion, the US said.
That's enough to eliminate the current US$10 billion trade deficit the US has with South Korea.
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