The US export sector experienced a solid cut in volumes for the first time in six years. Moreover, the country’s trade deficit recorded a hike due to this fact.
According to the US Department of Trade’s Bureau of Economic Analysis, last year the US exports shrank by $112.9 billion, or 4.8%, to $2.23 trillion, compared to the prior year.
Imports plummeted as well. The volume fell by $89.7 billion, or 3.1%, coming in at $2.76 trillion. At the same time, the annual reading for trade deficit jumped by 4.6% to $531.5 billion. For the US economy, it is the biggest shortfall in three years.