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US trade gap narrows following decline in exports

Imports and Exports | | MIC Customs Solutions |

The US trade gap narrowed in November 2015 as exports fell to their lowest level since early 2012.


New US economic data has shown a decline in export levels during November 2015, which served to close the country's trade deficit slightly.

The country's exports slipped by 0.9 per cent to $182.2 billion (£125.3 billion) in November, with imports falling even more sharply by 1.7 per cent to $224.6 billion. This meant that the trade gap narrowed five per cent from the prior month to $42.37 billion.

Exports dropped to their lowest level since early 2012, while the performance of the importing sector was the worst since February 2011. This is demonstrative of the volatility of international trade conditions in the US in recent times.

The nation's economy has continued to expand at a slow but steady rate over the last few months despite the contraction in trade, but a slowdown in global commerce and low commodity prices have proved a drag.

Additionally, the US dollar remains unusually strong, which is positive for US economic growth in the long term but remains a challenge for export-driven businesses at present.

Cleveland Fed president Loretta Mester recently commented on the trend, saying: "Slower growth in our trading partners and the dollar appreciation are drags on US export growth, and I expect net exports to be a negative influence on real GDP growth for somewhat longer."


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Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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