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U.S. current account deficit up 10.4 percent in Nov
Last Updated(Beijing Time):2012-01-13 23:58

U.S. current account trade deficit increased to 47.8 billion U.S. dollars in November, the highest level since June 2011, reported the Commerce Department on Friday.

In November, the world's largest economy exported 177.8 billion dollars, down 0.9 percent from the previous month. Imports increase 1.3 percent from October to 225.6 billion dollars.

The decline in exports and rise in imports resulted in a goods and services deficit of 47.8 billion dollars, 10.4 percent up from October's revised 43.3 billion dollars. The figure has fallen for four straight months from July to October.

In November, the increase of imports of goods mainly reflected rise in industrial supplies and materials, automotive vehicles, parts, and engines.

For the three months ending in November, exports of goods and services averaged 179.3 billion dollars, while imports of goods and services averaged 224.3 billion dollars, resulting in an average trade deficit of 45 billion dollars.

From January to November, the total current account trade deficit amounted to 512.8 billion dollars, higher than the 459.6 billion dollars the same period a year ago.

Trade deficit has been a drag of the U.S. economic growth for many years. U.S. President Barack Obama vowed in 2010 to double the country's export in five years and create about 2 million jobs. Economists worried that deepening debt crisis in Eurozone would drag down its aggregate demand and put a dent on U.S. exports.

Source:Xinhua 
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