Business & Economy

rise of the US trade deficit to a record high

Corona pandemic disrupted flows of goods and services in the foreign trade of the United States, which led to the rise of the US trade deficit balance to its highest level in 12 years in 2020.

US Commerce Department said the trade deficit jumped 17.7% to $ 678.7 billion last year, the highest since 2008.

Exports of goods and services fell 15.7% to their lowest levels since 2010. Imports of goods and services fell 9.5% to the lowest level in four years.

decline in exports contributed to the economy contracting 3.5% in the past year, the largest decline in GDP since 1946.


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