The U.S. trade deficit fell in September after hitting a 14-year high the previous month as exports outpaced imports.
The gap between what the U.S. sells and what it buys abroad fell to $63.9 billion in September, a decline of 4.6%, from a $67 billion deficit in August, the Commerce Department reported Wednesday. September exports rose 2.6% to $176.4 billion, pushed higher by the food and beverage category, where shipments worth $12.9 billion were the highest since July of 2012. Soybean exports rose 63% in September, a two-year high.
Imports ticked up 0.5% to $240.2 billion, also helped by $13.5 billion in the food and beverage category, which were the highest on record.
Year to date, the goods and services deficit has jumped $38.5 billion, or 8.6%, to $485.6 billion. The total deficit for goods and services for the same period in 2019 was $447.1 billion. Total exports are down 17.4% this year from 2019, while imports have declined by 12.4% as the coronavirus pandemic has sabotaged global commerce this year and disrupted global supply chains everywhere.
[CORONAVIRUS: Click here for our complete coverage » arkansasonline.com/coronavirus]
The narrowing of the deficit reflects overseas shipments of capital goods such as telecommunications equipment, while imports of consumer goods declined. Even with the monthly change, the gap is much wider than at the onset of the pandemic, reflecting elevated imports to meet consumer demand and a plunge in spending by international visitors, which is reflected in lower travel exports.
Countries across Europe have reinstated stay-at-home measures in the past week, which could constrain U.S. exports in the coming months.
The U.S. deficit in the trade of goods with China fell about 8% in September to $24.3 billion from $26.4 billion in August. Exports to China in September of $11.5 billion were the highest since March of 2018.
When Donald Trump campaigned for president in 2016 he pledged to sharply lower the country's large trade deficits, especially with China, which for years has been the country with the largest trade surplus with the United States.
But despite Trump's confrontational approach on trade with China and a renegotiation of the North American Free Trade Agreement with Canada and Mexico, America's trade deficits have remained stubbornly high, although the deficit with Mexico fell by $1.8 billion to $10.7 billion in September.
With results of Tuesday's election up in the air, the outlook for trade policy is uncertain. Former Vice President Joe Biden is keen to reset trade relations with allies such as the European Union after Trump's duties and hard-line stance disrupted supply chains and increased costs for many U.S. businesses. President Donald Trump, on the other hand, has vowed to end U.S. reliance on China in a continuation of his "America First" trade policy.
Information for this article was contributed by Matt Ott of The Associated Press and by Olivia Rockeman of Bloomberg News.
"trade" - Google News
November 05, 2020 at 03:18PM
https://ift.tt/3equhE9
September trade deficit narrows 4.6% - Northwest Arkansas Democrat-Gazette
"trade" - Google News
https://ift.tt/2VQiPtJ
Tidak ada komentar:
Posting Komentar