Economy

xchrom

(108,903 posts)

15. US TRADE GAP HIT $48.7 BILLION IN NOVEMBER

Fri Jan 11, 2013, 09:43 AM

Jan 2013

http://hosted.ap.org/dynamic/stories/U/US_TRADE_GAP?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-01-11-08-39-24

WASHINGTON (AP) -- The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced modest growth in exports.

The Commerce Department says the deficit widened 15.8 percent to $48.7 billion in November from October. U.S. exports increased 1 percent to $182.6 billion, while imports grew 3.8 percent to $231.3 billion.

U.S. exports to Europe, a region struggling with a prolonged debt crisis, fell 1.3 percent. The jump in imports was led by gains in shipments of cell phones, including Apple's new iPhone.

A wider trade deficit acts as a drag on U.S. growth. It typically means the U.S. is earning less on overseas sales while spending more on foreign products.

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