Trade Deficit More than Doubles to $24.927 Billion in 2016

The trade deficit widened to $24.927 billion in 2016 from $12.24 billion a year earlier as manufacturing and consumption-related imports outpaced exports. Total imports reached $81.159 billion, up 14.2 percent from $71.067 billion in 2015. Total merchandise exports, meanwhile, fell 4.4 percent to $56.232 billion from $58.827 billion in 2015. Due to the widening discrepancy, the government said there is a need to diversify export markets and…

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