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US trade gap widens
Source: Agencies |
February 12, 2011, Saturday
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Print Edition
THE United States trade deficit widened in December, closing out a year in which its trade gap ballooned by the largest amount in a decade.
The US Commerce Department said December's deficit rose 5.9 percent to US$40.6 billion. It grew because a 2.6 percent gain in imports outpaced a 1.8 percent rise in exports.
For 2010, the US trade deficit rose to US$497.8 billion, a 32.8 percent surge. It was the biggest annual percentage gain since 2000. In 2009, the deficit had fallen to the lowest point in eight years as demand for imports plunged.
Economists believe the deficit will keep widening in 2011 but that US manufacturers will benefit from a weaker dollar, which makes their goods more competitive in foreign markets.
The US Commerce Department said December's deficit rose 5.9 percent to US$40.6 billion. It grew because a 2.6 percent gain in imports outpaced a 1.8 percent rise in exports.
For 2010, the US trade deficit rose to US$497.8 billion, a 32.8 percent surge. It was the biggest annual percentage gain since 2000. In 2009, the deficit had fallen to the lowest point in eight years as demand for imports plunged.
Economists believe the deficit will keep widening in 2011 but that US manufacturers will benefit from a weaker dollar, which makes their goods more competitive in foreign markets.
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