US Trade Gap Widens Unexpectedly

Recently released figures indicate the trade gap, the difference between imports and exports, grew 18.2% to $36.5 billion from August. The reason why we have seen such a huge trade gap is due to the deep recession that has crippled the US economy and plummet the value of the dollar. Furthermore, US imports from OPEC rose to $11.9 billion in September. We are heavily relying upon OPEC for our supply of oil and this can cause huge implications. However, imports have increased 5.8%, which is a strong indication the consumer spending and confidence is slowly recovering. If this trend continues it will be beneficial for the economic welfare of the US.