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.
Latest News from Worthy News
The second oldest church in Ukraine’s capital, Kyiv, was among sites hit by Russian ballistic missiles and other weapons, killing at least two personals and injuring over 20 people, a day after Russian President Vladimir Putin said his forces were winning on the bloodstained frontlines.
U.S. officials expressed to Politico their concern over a potential nightmare scenario involving an ISIS jailbreak, which could instantly create a “ticking time bomb” by forming a terrorist army in Syria.
U.S. President-elect Donald J. Trump received a major legal victory Thursday as a court in the U.S. state of Georgia disqualified the Atlanta prosecutor who brought an election interference case against him and his allies.
Russia is moving advanced air defense systems and weapons from Syria to Libya following the ouster of long-time Syrian leader Bashar al-Assad, a close ally, Libyan officials said Thursday.
Christians expressed concern Thursday about the rapidly deteriorating security situation in Syria, a day after gunmen attacked an Orthodox church in the west-central city of Hama following other anti-Christian incidents.
The United States Department of Justice has filed suit against the city of Brunswick in Georgia for wrongfully trying to shut down a Christian charity that has served the homeless since 2014, the Christian Post reports.
A Christian family in Pakistan’s Sindh Province is rejoicing over the return of their 15-year-old daughter after she escaped from the Islamist who abducted her and forced her to marry him earlier this year, Morning Star News (MSN) reports.