US exports edges down in September
The country’s trade deficit increased 7.6% to reach $43 billion, posting the biggest figure since May, up from $40 billion in August. The increase was attributed to slower growth in major global economies, especially Europe and China, and the increased value of dollar, which makes US products less competitively priced and lowers external demand.
Economists stated that because of the slowdown in global economies, the US trade deficit will probably widen and this will influence fourth quarter economic data negatively. However, they also stated that the country’s increased consumer spending in the face of lower fuel prices and increasing employment may offset the effects of the global slowdown.
Meanwhile, the country’s imports were reported at $238.6 billion in September, unchanged from the previous month. Foreign-made mobile phone purchases increased by $1.92 billion while demand for commercial aircraft, machinery, autos and parts and fuel decreased.
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