Home > United Nations Online Network in Public Administration and Finance (UNPAN)
1. Global
Global
2. Africa
Africa
3. Arab States
Arab States
4. Asia & Pacific
Asia & Pacific
5. Europe
Europe
6. Latin America & Caribbean
Latin America & Caribbean
7. North America
North America
UNPAN North America
Public Administration News  
Share
U.S. Trade Deficit Soars to 10-year High in 2018
Source: www.globaltimes.cn
Source Date: Thursday, March 07, 2019
Focus: Citizen Engagement, Institution and HR Management
Country: United States
Created: Mar 11, 2019

U.S. trade deficit soared to 621 billion U.S. dollars in 2018, the highest in a decade, data released Wednesday by the U.S. Department of Commerce showed.

The 68.8-billion-dollar annual increase, or 12.5 percent, came along with a net loss in goods and services trade of 59.8 billion dollars in December, up 15.2 percent from 51.9 billion dollars in the same period a year earlier.

On a month-on-month basis, the December figure, which also hit a 10-year record, is the result of a 2.1 percent rise in imports to 264.9 billion dollars, and a 1.9 percent drop in exports to 205.1 billion dollars, according to the Department.

For the whole year, imports surged 7.5 percent from the previous year to 3.12 trillion dollars, while exports jumped 6.3 percent to 2.5 trillion dollars, the data showed.

In December, the country saw an increase in the goods deficit of 9 billion dollars to 81.5 billion, as well as a decrease in the services surplus of 0.5 billion dollars to 21.8 billion dollars.

With regard to specific countries and areas, the charts showed that China still runs the largest trade surplus with the United States, trailed by the European Union (EU) and Mexico.

U.S. trade deficit with China reached 38.7 billion dollars in December, up 3.2 billion dollars from November. For full-year 2018, U.S. total value of imports from China outnumbers exports to the country by 419.2 billion dollars, an increase of 43.6 billion dollars compared with 2017.

Washington has a 169.3-billion-dollar red ink in trade balance with the Brussels in 2018. The country also bought more from Mexico than it sold to the southern neighbor during the same year, resulting in a net outflow of 81.5 billion dollars.

U.S. President Donald Trump has long complained about U.S. deficit with its trading partners worldwide. The gap, however, is continuing to widen despite his tariff measures aiming to eliminate the discrepancy.
News Home

 Tag This
 Tell A Friend
del.icio.us digg this Slashdot
Rate:
0 ratings
Views: 43

Comments: 0 Bookmarked: 0 Tagged: 0



0 Comments | Login to add comment

Site map | FAQs | Terms and Privacy | Contact Us
Copyright 2019 by UNPAN - United Nations Public Administration Network