The US trade deficit widened sharply in November as imports of goods increased to a record level, indicating that trade likely continued to negatively affect economic growth in the fourth quarter of last year.
Reuters quoted a statement issued by the US Department of Commerce as saying: The trade deficit jumped 19.4 percent to $80.2 billion in November, and imports of goods jumped 5.1 percent to $154.9 billion, mostly due to reduced port congestion, and total imports increased 4.6 percent to 304.4 billions of dollars.
Goods exports fell 1.8 percent to $155.9 billion, and this decline was due to a decline in capital goods, as well as industrial supplies and materials.
The trade deficit negatively affected GDP growth for five consecutive quarters. Estimates of GDP growth for the fourth quarter reached 7.4 percent on an annual basis, while the economy grew at a rate of 2.3 percent in the third quarter.
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