independent

Thursday 17 April 2014

Economy blow as trade deficit grows

The latest figures show there were fewer shipments of mobile phones, cars and machinery imported into the US

The US trade deficit increased in October after exports fell by a larger margin than imports, a sign that slower global growth could weigh on the US economy.

The latest figures show that the trade gap with China hit an all-time high.

The commerce department said the trade deficit grew 4.8% in October from September to 42.2 billion US dollars (£26.2 billion).

Exports dropped 3.6% to 180.5 billion US dollars (£112 billion), with sales of commercial aircraft, cars and farm products all declining.

Imports fell 2.1% to 222.8 billion US dollars (£138 billion), reflecting fewer shipments of mobile phones, cars and machinery.

A wider trade deficit acts as a drag on growth. It typically means the US is earning less on overseas sales of US-produced goods while spending more on foreign products.

Press Association

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