US exports fall for 5th consecutive month: Govt. report
The US Commerce Department says the country’s imports in August outweighed exports by USD 44.2 billion, marking a plunge of one percent in exports.
A United States government report says the American exports have fallen in August for the fifth consecutive month, further widening the country’s trade deficit.
According to the United States Commerce Department, the country’s imports in August outweighed exports by USD 44.2 billion, marking a plunge of one percent in exports.
The US Commerce Department added that, the gap is the biggest since May and indicates a 4.1 percent increase from July.
The plunge, which is the lowest level in almost six months, indicates that the world’s largest economy is still struggling on its way to recovery.
Analysts blame economic troubles in Europe for reducing the demand for American exports. The export markets specifically affected are the auto and food industries.
The United States sales to Europe are expected to weaken further in the coming months due to the prevailing recession in the region.