Global Supply Chains Buckle as Virus Variant and Disasters Strike
By Jonathan Saul, Muyu Xu and Yilei Sun LONDON/BEIJING, July 23 (Reuters) – A new worldwide wave of COVID-19. Natural disasters in China and Germany. A cyber attack targeting key...
By Augusta Saraiva and Eric Martin (Bloomberg) —
The U.S. trade gap widened in May to the second-largest on record as imports increased faster than exports.
The gap in trade of goods and services rose 3.1% to $71.2 billion in May from a revised $69.1 billion in April, according to Commerce Department data released Friday. That compares with a median estimate for a shortfall of $71.3 billion in a Bloomberg survey of economists.
Exports advanced 0.6% to $206 billion, while imports climbed 1.3% to $277.3 billion.
Although recovering economies overseas are increasing demand for U.S. products and services, American consumers stuck at home during the Covid-19 pandemic have been buying more goods, sending U.S. purchases — and imports — to repeated records. Pandemic-induced logistics bottlenecks have thrown global supply chains out of sync, causing delays at ports, pallet and container shortages, and record-high shipping rates.
© 2021 Bloomberg L.P.
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