USA notes a record-high trade deficit
20:54
Exports are declining, imports are growing, and the minus in trade in goods reached a historic record of $97.8 billion in November – this is the latest data for the USA, the world's largest economy. The trade of services only partially compensates for this gigantic gap.
Americans mainly bought consumer goods, but fuel imports also increased.
This is probably the result of preparations for Christmas and perhaps retailers' concerns that the goods will not arrive on time if they want to import in December. Retailers' inventories have risen to $617 billion. In previous years, however, the deficit was much lower.
China benefits most from trade relations with the USA. From January to October, it raised $286 billion in the red. The United States exported their goods worth $122 billion, or $26 billion more y/y, except that imports amounted to as much as $408 billion, or $60 billion more.
A high deficit is also recorded in trade with the European Union ($180 billion from January to October), and mainly with Germany ($57 billion), Ireland ($49 billion), and Italy ($32 billion).
