The trade deficit of the United States has seen a drop of close to 8% in the month of October as it went to a low of 16 Months. This can be attributed largely to the import levels from China being low because of the trade dispute which has been going on between China and the United States.
The deficit has gone down do a level of $47.2 Billion from the amount of $51.1 which it had been during the month before. If the trend persists in the month of December, the gap which is smaller may be able to give a major boost to the fourth quarter GDP of the country.
There were lesser amount of cell phones, drugs, clothing, toys, and electronics among other goods being brought specifically from China. The imports of goods from China have seen a shrinking by an amount of $1.7 Billion as it reached $35.8 Billion.
There was a major drop in imports in the auto sector as well. This decline is primarily a reflection of the up-and-down pattern which has been going on off-late depending upon the new the U.S. tariffs on the goods from China and their timing.
The companies had quickly imported the goods from China in the month of August before the tariffs which had been scheduled came into effect.
The exports saw a dip of 0.2% as it reached a figure of $207.1 Billion. The shipment of airplane engines, drugs, and autos had decreased.
For the second time in two months, the U.S. has posted a record level of surplus when it comes to petroleum which reinforces the emergence of the country as a superpower when it comes to energy.
Having a passion for writing has brought Ralph to the world of writing and is been connected with thefoodbeveragenews.com portal for 5 years now. He holds a Master of Science in Food Safety Regulation Degree and has an overall experience of 7 years in the field of writing. Ralph handles the Packaging domain of the portal with the other 4 team members and deals with writing articles are the updates to the packaging, labels, processes, and so on relating to the food and beverage sector. Ralph also conducts training sessions for the newbies of the team.