Global economies are suffering from inflation and rising interest rates, while a strong US dollar has made American goods more expensive for foreign consumers.
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Exports have fallen in recent months while global economies suffer from inflation
US government figures showed, on Tuesday, a decline in exports, which helped widen the trade gap in October, in light of the decline in shipments of industrial supplies and consumer goods.
According to data from the Ministry of Commerce, the total trade deficit increased by $4 billion, to reach $78.2 billion, slightly more than expected.
Exports have fallen in recent months as global economies struggle with inflation and rising interest rates, while a rising US dollar index has made American goods more expensive for foreign consumers.
And although the US central bank embarked on an all-out campaign to raise interest rates and support the world’s largest economy, imports continued to rise, according to the latest figures.
In October, imports of goods rose to $334.8 billion, including cars and spare parts, but demand for consumer products declined with declines in items such as mobile phones and sporting goods.
Meanwhile, the value of exports declined to $256.6 billion due to the decline in supplies and industrial materials such as natural gas and petroleum products.
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Consumer goods, especially pharmaceuticals, also declined. The data showed that the US deficit with China fell to $26.1 billion in October.
Referred to as an indicator Primary consumer prices It rose in the United States of America to rates that exceeded expectations and reached its highest level in 40 years, last September, which made the Federal Reserve raise interest rates strictly to curb persistent inflation.