The latest figure by Bureau of Economy Analysis revealed that the trade deficit between India and USA plummet by 7% in the year 2018 compared to previous year. The deficit was about $1.6 billion and soon after the revelation of data opposition stated back slamming president Trump and his trade policies.
India recorded a decrease in trade deficit from $22.9 billion in 2017 to $21.3 billion in the next year.
While trade deficit of US increased from 50.3 billion in November to $59.8 billion in December, making an upward jump of $9.8 billion.
In year 2018, overall goods and services deficit of US was $68.8 billion higher than that of previous year deficit of $552.3 billion. A similar trend was seen in the imports, with imports of $3,121.0 billion in last year, up by $217.7 billion from 2017. Exports of the US surged by $148.9 billion and reached to $2,500.0 billion in 2018.
Bureau of Economy Analysis showed that the goods deficit of US has hit a record high, for the year 2018 it was at $891.3 billion. Considerably, America’s goods deficit with China hit a record $419.2 billion last year.
“Today’s announcement that the merchandise trade deficit for 2018 topped $891 billion shows that the President has flunked the test he set for himself,” said House Majority Leader Steny H Hoyer.
Scott Paul, president of Alliance for American Manufacturing ridiculed president for his wrong policies that has resulted into such a unprecedented rise in trade deficit.
“The selective interventions of the administration on trade have been helpful to key sectors, but these actions haven’t put a dent in the massive deficit. The administration’s fiscal policies have helped to boost the trade deficit, as has its reluctance to engage more actively in exchange rate misalignment,” he said.
“While the trade deficit results from many factors, the staggering sum represents lost opportunities for American workers and businesses,” Paul said.