USA Deficit at Lowest Level in Nine Years

USA Deficit at Lowest Level in Nine Years
The USA has narrowed its trade gap to record lows. The May 2009 deficit is at its lowest level in more than nine years.Economists are now predicting the recession will be over in the next few months.

The USA is now importing fewer cars, auto-parts, civilian aircraft and computers.With imports falling and exports increasing, the deficit was 9.8% lower in May compared to April. The deficit in May was $26bn.The deficit in 2009 to date is running at a yearly rate of $350bn. This is around half what it was for the whole of 2008.The trade deficit between the USA and its single biggest trading partner, Canada fell to its lowest level in 15 years at $628m.The USA deficit with Japan dropped its lowest level in more than 20 years, at $1.9bn.
POSTED BY:
SHUBHAM AGARWAL
PGDM- 3 rd SEM