US trade deficit jumps to $68.1 billion in November

US trade deficit jumps to $68.1 billion in November

The November goods and services deficit ($68.1 billion) was the highest since August 2006 ($68.3 billion), and second highest only by a hair.

As per the data by the Pakistan Bureau of Statistics (PBS), the trade deficit for Dec'20 was $2.683 billion compared to a deficit of $2.137 billion of Nov'20.

The November increase in the goods and services deficit reflected an increase in the goods deficit of $5.0 billion to $86.4 billion and a decrease in the services surplus of less than $0.1 billion to $18.2 billion. Exports and imports both have increased. Goods exports advanced 1.0 per cent to US$127.7 billion.

Total imports, meanwhile, edged down 0.3 percent to Can$50.1 billion on lower industrial machinery, equipment and parts sales overseas.

Total imports increased 2.9% to $252.3 billion, with inward-bound shipments of goods climbing to $214.1 billion, the highest value since May 2019. "I wish once again to congratulate the exporters and the Ministry of Commerce for this achievement", tweeted Prime Minister Imran Khan on Thursday.

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Export proceeds were up by 8.19pc when compared with the previous month. Similarly, Bangladesh's exports have also shown negative growth in last two months.

The country's imports have been on a rising trend since September. There was a marginal reduction of 0.8% in India's exports last month but its monthly exports of $26.9 billion were more than the total annual exports of Pakistan.

In November, Canada's merchandise exports rose 0.5 percent, with gold exports posting the largest increase while imports edged down 0.3 percent due to decreased imports of industrial machinery, equipment and parts.

Based on the figures, the country's trade deficit increased by 6.44 percent during the first half compared to the corresponding period of past year.

Meanwhile, on year-on-year basis, the exports from the country increased by 18.31 percent during the month of December 2020 as compared to the exports of December 2019. Still, he expects the trade deficit to worsen before it improves because of weak demand for American-made products in regions like Europe hit by the coronavirus pandemic and fresh lockdowns.

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