U.S. trade deficit sinks 21% to 26-month low as imports tumble
The numbers: The U.S. trade deficit shrank 21% in November to a 26-month low of $61.5 billion, largely due to cheaper oil and waning demand for imported goods as the global economy softened.
The... The numbers: The U.S. trade deficit shrank 21% in November to a 26-month low of $61.5 billion, largely due to cheaper oil and waning demand for imported goods as the global economy softened. Other factors include cheaper oil prices, COVID-related disruptions in China that affected the availability of consumer electronics such as cell phones, and declining demand for COVID vaccines.Slower economic growth in other countries and a strong dollar that has made American goods and services more expensive have put a dent in exports.
What the falling trade gap is signaling now, however, is slower U.S. and global growth in the months ahead.
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