The US trade deficit narrowed for the first time in three months as exports jumped and import growth slowed, though overall transactions remained well below pre-pandemic levels.
The gap in goods and services shrank to $63.9 billion in September from $67bn in August, according to US Commerce Department data released on Wednesday. The figure matched the median estimate in a Bloomberg survey of economists.
Total imports increased 0.5 per cent to $240.2bn, while exports advanced 2.6 per cent to $176.4bn. The nation’s surplus in services was little changed, while the merchandise trade deficit narrowed. Combined, the value of US exports and imports increased to $417bn, the highest since March, still down from $469bn at the end of 2019.
The narrowing of the deficit reflects a two-year high in soybean exports, as well as overseas shipments capital goods such as telecommunications equipment, while imports of consumer goods declined. Even with the monthly change, the gap is much wider than at the onset of the pandemic, reflecting elevated imports to meet consumer demand and a plunge in spending by international visitors, which is reflected in lower travel exports.
Countries across Europe have reinstated stay-at-home measures in the last week, which could constrain US exports in the coming months.
The narrowing of the overall deficit can be partly attributed to China, where the merchandise gap shrank to $24.3bn, the smallest since March, as exports rose and imports fell.
With results of Tuesday’s election up in the air, the outlook for trade policy is uncertain. Former Vice President Joe Biden is keen to reset trade relations with allies such as the European Union after Trump’s duties and hard-line stance disrupted supply chains and increased costs for many US businesses. President Donald Trump, on the other hand, has vowed to end US reliance on China in a continuation of his “America First” trade policy.
THE BIO:
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Griselda
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SERIES SCHEDULE
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July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
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August 20
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August 24
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August 27
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August 31
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September 3
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September 6
Sholto Byrnes on Myanmar politics
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
Honeymoonish
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