US trade deficit surged to 12-year high in 2020 – Times of India

WASHINGTON: The overall US trade deficit surged to a 12-year high in 2020 as the Covid-19 pandemic weighed on both exports and imports, the commerce department said.
The country’s trade deficit in goods and services widened by 17.7 per cent to $678.7 billion in 2020, the highest level since the 2008 financial crisis, Xinhua news agency quoted the Department as saying in a statement on Friday.
As a percentage of the gross domestic product (GDP), the trade deficit was 3.2 per cent in 2020, up from 2.7 per cent in 2019.
The data also showed that US exports dropped by 15.7 per cent to $2,131.9 billion in 2020, while imports declined by 9.5 per cent to $2,810.6 billion amid the Covid-19 fallout.
The widening trade deficit came after the Commerce Department reported last month that the US economy contracted 3.5 per cent in 2020, the largest annual decline of the GDP since 1946.
While former President Donald Trump had tried to shrink the US trade deficit by imposing additional tariffs on various imports, economists have argued that the country’s persistent deficit with trading partners resulted from its macroeconomic policy.

Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Bond king Jeffrey Gundlach says bitcoin is trading like...

DoubleLine Capital CEO Jeffrey Gundlach on Monday warned that bitcoin could be getting overheated...

Rittenhouse To Fight Extradition To Wisconsin Where He Faces...

Topline John Pierce, an attorney for Kyle Rittenhouse, told an Illinois Judge Friday he...

Volkswagen re-starts Europe’s largest car factory in Wolfsburg after...

Frankfurt: Volkswagen the world`s largest carmaker by sales, resumed work at its biggest factory...

Top 3 Reasons Why Your Auto Insurance Claims Are...

Insurance companies aren’t interested in helping you get compensation after an accident and they...