US annual trade deficit sheds 2.6 pct amid gradual economic recovery

WASHINGTON, Oct 22 (KUNA) -- The US 2021 trade deficit registered 2.6 per cent lower than a year prior but remains the second highest on record, the Treasury said, citing a gradual economic recovery from the devastating effects of the coronavirus pandemic.
A joint statement by Treasury Secretary Janet Yellen and the White House revealed a USD 360 billion drop from the previous fiscal year.
This reflects an improved economy due, in part, to President Joe Biden's American Rescue Plan Act and COVID-19 vaccination rollout, read the statement.
The 2021 deficit was USD 897 billion less than forecast in the presidentآ’s 2022 Budget and USD 342 billion less than estimated in the 2022 Mid-Session Review, it added.
"Today's joint budget statement is further evidence that Americaآ’s economy is in the midst of a recovery," said Yellen.
"The nationآ’s economic progress is the direct result of the Biden-Harris Administrationآ’s efforts to enact the American Rescue Plan and address the pandemic," she added, mentioning that the stuation remains "fragile." (end) rsr.sd