US Export Remains Strong-Commerce Department
The US Department of Commerce, citing its recent figure, said the trade deficit in May is the lowest in a decade as exports remained strong while imports were drastically declining as the demand for cars, auto parts, and PCs were also decreasing.
With this report, many economists believe that the recession will end in the next few months.
The US export industry is gaining momentum while importing activities are drastically declining, pushing the trade gap to lowest in a decade, according to Department of Commerce recent figures.
Citing its data, the department said that trade deficit in May closed to $26 billion which is the lowest since November 1999. With this figure, the gap was 9.8 percent lower compared to the previous month.
The commerce department also showed that imports continued to decline while exports increased which some experts believe as a sign of slow recovery from today’s global economic recession which is the longest downturn since the Great Depression.
According to some economists, the report is consistent with the idea that the country’s recession will end in the next few months. However, they warned that more jobs will be shed as the economy starts to recover.
Meanwhile, the declining import in the country was attributed with the low demand for cars, auto parts, and computers. In connection with this, China, one of the biggest exporters in the world, reported a drastic decline of orders and shipments from foreign countries.
While trade activities in China had been expected to fall, its government failed to predict that the export and import will decline at an alarming rate.
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