U.S. Economy: Trade Deficit Widens Most Since 1999
Bloomberg News is reporting that the US trade deficit has widened by 16% in July. Imports gained a record 4.7%.
The gap between imports and exports grew 16 percent, the most in more than a decade, to $32 billion from a revised $27.5 billion in June that was larger than previously estimated, the Commerce Department said today in Washington. In another sign the U.S. slump may be ending, a Labor Department report showed jobless claims last week fell to the lowest level since July.
The gain in imports signals a strengthening economy, as businesses replenished stockpiles of goods in anticipation of rising consumer demand. Additionally, imports increased due to a rise in crude oil costs and increased demand for cars and car parts after the “Cash for Clunkers” program.
Complete details on both import and export rates are available at Bloomberg News.
Introduction to Automating Import Compliance
With imports on the rise, importers must deal with end-to-end supply chain 
accountability and are increasingly challenged to have visibility and control over their supply base and origin operations.
GTM technology can help companies manage these complexities of ‘going global’ by automating their inbound processes, improving customs compliance and attaining landed cost objectives.
View our brief video and learn about automating your import compliance in a flash!
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