U.S. Trade Gap Widens Sharply

March 10, 2011
Surging oil prices to blame

The U.S. trade gap rose to its highest mark since June, at $46.3 billion, up from $40.3 billion in December, the Commerce Department said on March 10.

Imports rose for the fourth consecutive month, up 5.2% from December at $214.1 billion, lifted by a jump in oil imports. Petroleum imports reached their highest level since October 2008 at $34.9 billion. The average barrel price of imported crude oil leaped to $84.34 from $79.78 in December.

Imports solidly outpaced exports, which rose 2.7% from the previous month to $167.7 billion.

"The trade deficit is headed in the wrong direction if we want to create jobs and show some sustainable economic growth in America," said Scott Paul, Executive Director of the Alliance for American Manufacturing. "Our overall exports were up in January, which is a good thing, but import growth nearly doubled export growth. So it is clear the Administration is going to need to do more than simply try to double exports to create jobs and revitalize our nation's manufacturing. "

Copyright Agence France-Presse, 2011

Popular Sponsored Recommendations

The Ultimate Ecommerce Excellence Checklist

Oct. 2, 2023
Scaling ecommerce operations is no easy task when your business is moving fast. Assess your current ecommerce maturity level and set optimization priorities with this practical...

Food and Beverage 2024 Trends and Outlook for North America

Oct. 29, 2023
Ready to hear what 200 of your peers said are the top challenges and opportunities in 2024? Don’t fall behind. Uncover actionable insights to better prepare for 2024 in this whitepaper...

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Discover How an Eye Tracking Study Improves Training Procedures

Oct. 29, 2023
Did you know that your training processes can be streamlined by visualizing and analyzing key skills within your employee base? Find out how we use eye tracking to capture advanced...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!