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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

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    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
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    • All
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    United States scraps visa dropbox service for Nigerian applicants

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Home Economy Economic Data

Trade deficit of the United States rises to its highest level in 14 years high

Thursday, 7 January 2021, 7:22 pm
in Economic Data, Economy
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Trade deficit of the United States rises to its highest level in 14 years high
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The United State’s trade deficit has risen to its highest level in 14 years in November 2020, as businesses boosted imports to replenish inventories, offsetting rise in exports.

While the deficit in October was unrevised at $63.1 billion, that of November widened by 8.0% to %68.1 billion, the highest level since August 2006. This is according to a statement by the Commerce Department, as reported by Reuters.

The $68.1 billion trade shortfall was more than the $65.2 billion shortfall forecasted by Economists polled by Reuters.

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Imports jumped 2.9% to $252.3 billion. Goods imports accelerated 3.0% to $214.1 billion, the highest since May 2019. Exports rose 1.2% to $184.2 billion. Goods exports advanced 1.0% to $127.7 billion.

A trade deficit occurs when a country’s imports exceed its exports during a given time period. It is also referred to as a negative balance of trade (BOT)

Rising imports and the resulting widening in the trade deficit are a drag on gross domestic product. But much of the imports likely ended up in warehouses, boosting inventories. The accumulation of inventories is likely to counter the hit to GDP from imports.

The economy is expected to have expanded at around a 5% annualized rate in the fourth quarter, with the bulk of the rise in gross domestic product seen coming from inventory investment. The economy grew at a historic 33.4% pace in the third quarter after shrinking at a 31.4% rate in the April-June period, the deepest since the government started keeping records in 1947.

By; Nnamdi M.

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