US trade deficit hits record high in September as American exports fell sharply
November 5, 2021, 9:51 am

US trade deficit hits record high in September as American exports fell sharply

Container-Trade/Pixabay

The We For News reported according to the US Commerce Department, the US trade deficit hit a record high of $80.9 billion in September as American exports fell sharply.

US exports fell by 3 per cent to $207.6 billion in September while imports rose by 0.6 per cent to $288.5 billion. The goods and services deficit rose by 11.2 per cent from a revised $72.8 billion in October, according to the department on Thursday.

Xinhua news agency reported: “Solid domestic demand has caused import growth to outpace exports for the better part of the past year. The deficit has widened in eight of the past 12 months as a result,” Tim Quinlan and Shannon Seery, Economists at Wells Fargo Securities, said on Thursday in an analysis, adding net exports have been a drag on US gross domestic product (GDP) growth for the past five consecutive quarters.

USA-Santa Barbra-California-Flag of USA/Pixabay

The Economists said: “With US consumption slowly rebalancing back toward services spending, imports should eventually slow and provide some relief at our nation’s largest ports. But, we’re likely some ways away from a meaningful reprieve."

The Commerce Department reported last week, the US economy grew at an annual rate of 2 per cent in the third quarter amid the Delta variant-fueled Covid-19 surge after expanding 6.7 per cent in the second quarter.

Source: wefornews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”