Charts of the Week
U.S. Trade Deficit
Chart of the Week for February 8, 2019 - February 14, 2019
On a monthly basis, the Census Bureau and the Bureau of Economic Analysis release a report on the U.S. Balance of Trade. The measure represents the difference between exports and imports of goods and services on trade with all nations, and it is commonly referred to as the "Trade Deficit" since imports have outweighed exports for years.
The chart above shows the Trade Deficit for past 12 months, which worsened from June 2018 through October 2018 and improved in November 2018. The November 2018 value of -$49.3 billion was a five-month low, as both imports and exports were lower than the October 2018 levels. Trade policy and tariffs have been the topic of much political discussion recently, and economists noted that imports of goods from China fell by about $3 billion in November, as companies were expecting increased tariffs on Chinese goods. Those tariffs have been delayed, but the trade situation remains unresolved. Economists also noted that trade of goods and services is an important driver of U.S. economic growth, and the drop in the November trade deficit may provide a boost to fourth quarter Gross Domestic Product (GDP) growth.
Posted by: David Garno <dlgarno@gmail.com>
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