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US Trade Gap Narrows as West Coast ports revive access
The US trade gap shrank to its lowest level in more than five years, resulting in a business upswing.
According to The Wall Street Journal, the U.S. trade gap is at its lowest level in more than five years. The Commerce Department released a report stating the trade deficit narrowed to $35.44 billion in February after a labor dispute erupted which tied up goods in the West Coast.
In total, exports decreased 1.6 percent from January to $186.25 billion, while imports decreased 4.4 percent to $221.69 billion – the largest drop in imports since the recession ended in 2009.
The West Coast ports facilitate nearly half of all U.S. cargo and came to a near halt due to employers and dock workers negotiating a new contract. The two sides reached a settlement in February and economists expected trade flows to bounce back, but the uptake in shipping has been slow.
“While an agreement has been reached, the slowdown has created a significant backlog and the reality is we are still waiting for many containers to be unloaded at the port,” Julie Whalen, chief financial officer at Williams-Sonoma Inc., told investors last month.
For companies who require goods from other parts of the world or ship their products out, this can mean a standstill in sales.
Read more here.
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About the Author
Nick Powills
FollowNick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
