Nation imports $64.1 billion more than it exports.
The Commerce Department announced on Friday that the trade deficit grew by 1.7% in October, as the nation brought in more foreign goods than it exported. The value of the imported goods in October was $62.1 billion more than the value of exported goods. The gap was even more pronounced in the nation’s trade with China at a 9% increase to $26.5 billion.
For this year to date, the gap has risen to a total of $536.7 billion. This difference is 9.5% higher than the same time period in 2019. Most of the changes can be attributed to the ongoing COVID-19 pandemic, which has seen a 20% decrease in American service exports this year. President Trump has attempted to address this deficit through the creation of tariffs on nations such as China and Mexico.
As the Lord Leads, Pray with Us…
- For God to give the president wisdom on how to open up new opportunities for international trade.
- That God would help the economy of the United States stabilize.
- For the Lord to guide the Commerce Department as it reports on the health of U.S. trade.
Sources: AP, Commerce Department
