U.S. Trade Gap Shrinks for First Time Since July on Export Surge
“The U.S. trade deficit narrowed in October for the first time since July, reflecting a sharp increase in exports and suggesting that foreign demand for goods is on the rise. The gap in trade of goods and services shrank 17% to $67.1 billion, from a revised $81.4 billion in September, according to Commerce Department data released Tuesday. The median estimate in a Bloomberg survey of economists was for a shortfall of $66.8 billion.”
Christmas Comes Early for U.K. Stores as Sales End Record Drop
“The U.K. started Christmas shopping early this year, with a surge in spending on toys and clothes powering a rebound from the longest-ever run of declines in retail sales. The 0.8% increase last month in the volume of goods sold in shops and online was stronger than the 0.5% expected by economists. It was also the first growth since April, when most stores started trading again after the pandemic lockdown.”
China’s Exports and Imports Hit New Records on Strong Demand
“China’s exports and imports grew faster than expected in November, with both hitting records as external demand surged ahead of the year-end holidays and domestic production rebounded on an easing power crunch. Exports rose 22% in dollar terms from a year earlier to almost $326 billion, while imports grew almost 32% to about $254 billion, the customs administration said Tuesday. Economists had forecast exports to grow by 20.3% and imports to increase by 21.5%.”
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