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US trade gap widens as exports drop
Source: Agencies |
December 12, 2012, Wednesday
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Print Edition
Print Edition
THE US trade deficit widened in October because exports fell by a larger margin than imports, a sign slower global growth could hit the US economy.
The US Commerce Department said yesterday that the trade deficit increased 4.8 percent in October from September to US$42.2 billion. Exports dropped 3.6 percent to US$180.5 billion. Sales of commercial aircraft, autos and farm products all declined.
Imports fell 2.1 percent to US$222.8 billion, reflecting fewer shipments of cell phones, autos and machinery.
The US trade deficit with China grew in October to a record US$29.5 billion.
A wider trade deficit acts as a drag on the US growth. It typically means the US is earning less on overseas sales of American-produced goods while spending more on foreign products.
The US Commerce Department said yesterday that the trade deficit increased 4.8 percent in October from September to US$42.2 billion. Exports dropped 3.6 percent to US$180.5 billion. Sales of commercial aircraft, autos and farm products all declined.
Imports fell 2.1 percent to US$222.8 billion, reflecting fewer shipments of cell phones, autos and machinery.
The US trade deficit with China grew in October to a record US$29.5 billion.
A wider trade deficit acts as a drag on the US growth. It typically means the US is earning less on overseas sales of American-produced goods while spending more on foreign products.
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