Global economies are suffering from inflation and rising interest rates, while a strong US dollar has made American products more expensive for foreign consumers.
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Exports have declined in recent months, while global economies are suffering from inflation
Data from the U.S. government showed a drop in exports on Tuesday, which helped widen the trade gap in October amid falling shipments of industrial supplies and consumer goods.
According to data from the Commerce Ministry, the total trade deficit increased by $4 billion to $78.2 billion, slightly more than expected.
Exports have declined in recent months as global economies struggle with inflation and rising interest rates, while a rise in the US dollar index has made American goods more expensive for foreign consumers.
And although the US central bank has embarked on an all-out campaign to raise interest rates and prop up the world’s largest economy, imports have continued to grow, according to the latest data.
In October, imports of goods rose to $334.8 billion, including cars and auto parts, but demand for consumer products fell as items like cell phones and sporting goods declined.
Meanwhile, the value of exports fell to $256.6 billion due to declining supplies and industrial materials such as natural gas and petroleum products.
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Consumer goods, especially pharmaceuticals, also declined. Data showed that the US deficit with China fell to $26.1 billion in October.
Shown as an indicator Primary consumer prices It soared in the US to rates that beat expectations and hit a 40-year high last September, which forced the Federal Reserve to hike interest rates rigorously to curb persistent inflation.
