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At the end of last year, the United States saw the greatest importance of the foreign trade deficit in the last nine years due to the fact that strong domestic demand made it possible for imports to outstrip exports.
According to the latest report, the value of the deficit increased within 5.3% on a monthly basis and adjusted to seasonal factors, the value of 53.12 billion dollars was achieved in monetary terms. This was a record level since October 2009. Experts expected to see the value of 52.0 billion.
During the reporting period under review, imports increased by 2.5% to reach 256.5 billion, reflecting the growth in imported volumes of consumer products, for example, mobile phones during the holidays, as well as vehicles and capital goods.
At the same time, exports gained 1.8%, reaching a value of 203.4 billion. The growth of the indicator was mainly contributed to the increase in exports of chemical products, as well as capital goods.
In 2017, there was an increase in trade volumes amid the fact that the US and other key economies of the world showed a rare example of synchronous growth. The foreign trade deficit with China, Mexico and Canada - the key American partners that take almost half of the total export-import volume - increased last year.
Reflecting the rather low cost of oil in the US, the real value of the trade deficit of this asset in monetary terms turned out to be at the historical minimum, which is 95.9 billion.