T.H.E.M.
¨We believe in the judgment; we believe this first judgment will take place as God revealed, in America...¨
T.H.E.M.
¨We believe in justice for all, whether in God or not; we believe as others, that we are due equal justice as human beings.¨
And you want me to believe that this type of governance is sustainable…US trade deficit widens as exports hit 10-year low
In this AFP file photo taken on March 26, 2020, containers are stacked at the Port of Los Angeles.
The US trade deficit surged in April as the COVID-19 pandemic upended the global flow of goods and services, pushing exports to a 10-year low.
The US Commerce Department said on Thursday the trade deficit jumped 16.7% to $49.4 billion. Economists polled by Reuters had forecast the trade gap increasing to $49.0 billion in April.
Global lockdowns to slow the spread of COVID-19 have severely disrupted the movement of goods and services between countries, leading to sharp contractions in economic activity.
Gross domestic product in the United States declined at a 5.0% annualized rate in the first quarter, the steepest pace of contraction in output since the fourth quarter of 2008.
In April, exports dropped a record 20.5% to $151.3 billion, the lowest since April 2010. Goods exports plunged 25.2% to $95.5 billion, the lowest since September 2009.
About 2 million Americans filed for unemployment benefits last weekAbout 2 million Americans filed for unemployment benefits last week.
Exports of motor vehicles and parts fell to $3.8 billion, the lowest since March 1992. Shipments of consumer goods dropped to $10.4 billion, the lowest since April 2006.
Travel restrictions weighed on exports of services, which resulted in the surplus on the services account narrowing to $22.4 billion, the smallest since December 2016.
Imports dropped a record 13.7% to $200.7 billion, the lowest since July 2010. Goods imports fell 13.6% to $167.4 billion, the lowest since November 2010.
The import number has been shrinking as the United States waged a trade war with China. A sharp reduction in crude oil imports has also been a factor, with the United States becoming an oil exporter last year. The country posted a record $3.2 billion petroleum surplus in April.
In April, imports of automotive vehicles, parts, and engines dropped to $13.3 billion, the lowest since July 2009. Consumer goods imports fell to $43.8 billion, the lowest since August 2013. Petroleum imports declined to $6.1 billion, the lowest since June 1999.
(Source: Reuters)
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