US trade deficit narrows in November as imports fall
The US trade deficit unexpectedly narrowed in November as imports declined, government data showed on Tuesday (Jan 9).
The trade deficit contracted 2.0 per cent to US$63.2 billion, the Commerce Department’s Census Bureau said. Data for October was revised slightly to show the trade gap widening to US$64.5 billion instead of US$64.3 billion as previously reported.
Economists polled by Reuters had forecast the trade deficit rising to US$65.0 billion in November.
Trade was neutral to the economy’s 4.9 per cent growth rate in the third quarter. Growth last quarter is seen curbed by a smaller pace of inventory accumulation as businesses anticipate slower demand this year following 525 basis points worth of interest rates hikes from the Federal Reserve since March 2022.
Growth estimates for the fourth quarter are currently as high as a 2.5 per cent annualised pace.
The government is scheduled to publish its snapshot of GDP growth for the October-December quarter later this month. REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Biden sharply hikes US tariffs on billions in Chinese chips, cars
Malaysia’s Anwar says to cut fuel subsidy at the ‘right time’
How hosting Euro 2024 could impact the German economy
Sri Lanka cabinet approves new economic law to meet IMF targets
Biggest Saudi IPO of the year draws US$91 billion in orders
India April wholesale price index rises at fastest pace in a year