by Karen Faulkner, Worthy News Correspondent
(Worthy News) – Following a recent surge in imports, the US trade deficit reached its highest level in over two years, Reuters reports. Countries incur a trade deficit when the value of their imports is higher than the value of their exports.
According to a statement issued by the Commerce Department’s Bureau of Economic Analysis, the US trade deficit increased by 7.9% to $78.8 billion, the highest it has been since May 2022, Reuters reports.
Imports increased 2.1% to $345.4 billion. Goods imports rose 2.3% to $278.2 billion, the highest since June 2022,” Reuters said in its report. “They were boosted by an increase in capital goods, which increased $3.3 billion to a record high, mostly reflecting computer accessories,” Reuters said.
The value of exports rose by 0.5% to $266.6 billion. Goods exports increased by 0.4% to $175.1 billion. Exports of motor vehicles, parts, and engines fell by $1.7 billion to their lowest level since June 2022. Consumer goods exports decreased by $800 million, Reuters said.
Reuters noted in its analysis that: “While the surge in imports reported by the Commerce Department on Wednesday would subtract from gross domestic product, it was an indication of strong domestic demand and inconsistent with financial market fears of a recession.”
Copyright 1999-2024 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
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