US, NEW YORK (ORDO NEWS) — The US trade deficit in November increased by 8% compared to October ($ 63.1 billion) and reached $ 68.1 billion, which is higher than expected. This is stated in a statement released on Thursday by the country’s trade ministry.
Experts had expected the trade deficit to widen to $ 67.3 billion in November. They attribute the growing trade deficit to the purchase of goods before the holidays.
The volume of imports in November increased by 2.9% compared to the previous month and reached $ 252.3 billion. Exports increased by 1.2% to $ 184.2 billion.
Reducing the US trade deficit has been one of the cornerstones of President Donald Trump’s policies, who have imposed various customs duties and entered into international trade agreements over the past years.
In contrast to the situation with the global financial crisis (2008), trade flows have now largely recovered, said earlier IMF chief economist Gita Gopinath.
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