US Trade Gap Narrows
US Trade Gap Narrows
The US Commerce Department said on Thursday that the nation's trade gap, the difference between imports and exports, narrowed by the slimmest of margins in November, but is still deeply in the red. The gap declined from $38.4 billion in October to $38.3 billion.
The report came as somewhat of a surprise as President Obama prepares to meet with Chinese President Hu Jintao next week. Economists had expected the trade gap to increase to $41 billion, according to the median forecast of economists in a recent Briefing.com survey.
Since the onset of the recession, trade imbalances have grown, creating a rift between the US and China, as we have struggled to boost imports and China has built a massive trade surplus. While the US economy crawls forward at a rate of 2.6 percent, China's economy is zooming along at a 9.6 percent clip.
The US Commerce Department said on Thursday that the nation's trade gap, the difference between imports and exports, narrowed by the slimmest of margins in November, but is still deeply in the red. The gap declined from $38.4 billion in October to $38.3 billion.
The report came as somewhat of a surprise as President Obama prepares to meet with Chinese President Hu Jintao next week. Economists had expected the trade gap to increase to $41 billion, according to the median forecast of economists in a recent Briefing.com survey.
Since the onset of the recession, trade imbalances have grown, creating a rift between the US and China, as we have struggled to boost imports and China has built a massive trade surplus. While the US economy crawls forward at a rate of 2.6 percent, China's economy is zooming along at a 9.6 percent clip.
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