US trade deficit soars to 10-year high in 2018

Washington: US trade deficit soared to $621 billion in 2018, the highest in a decade, data released on Wednesday by the US Department of Commerce showed.

The $68.8 billion annual increase, or 12.5 per cent, came along with a net loss in goods and services trade of $59.8 billion in December, up 15.2 per cent from $51.9 billion in the same period a year earlier.

On a month-on-month basis, the December figure, which also hit a 10-year record, is the result of a 2.1 per cent rise in imports to $264.9 billion, and a 1.9 per cent drop in exports to $205.1 billion, according to the department.

For the whole year, imports surged 7.5 per cent from the previous year to $3.12 trillion, while exports jumped 6.3 per cent to $2.5 trillion, the data showed, Xinhua reported. (IANS)

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