Thursday, June 8, 2023

United States: trade deficit reaches new record high

DThe US foreign trade deficit hit another record high in March. The Commerce Department announced Wednesday in Washington that the deficit had risen to $109.8 billion. This is the highest price ever set. Economists had expected an average deficit of $107.1 billion. In the previous month, the deficit narrowed slightly to $89.8 billion.

In view of the increased domestic demand as a result of less stressful Corona situation, USA imported more goods from abroad. Conversely, demand weakened in other regions of the world. This is reducing US exports. Trade as a whole is likely to remain burdened by the difficult situation in China. In view of the stringent corona measures there, the activity of Chinese ports is restricted.

The trade deficit in the United States is chronic, as more is imported than exported. So the United States is a typical net importing country. The deficit is financed by foreign loans. Capital markets in the United States are attractive, partly because the United States holds the world’s leading currency, the dollar.

Nation World News Desk
Nation World News Desk
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