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US trade deficit soars to 10-year high in 2018
Washington, March 7 (IANS) US trade deficit soared to $621 billion in 2018, the highest in a decade, data released on Wednesday by the US Department of Commerce showed.
The $68.8 billion annual increase, or 12.5 per cent, came along with a net loss in goods and services trade of $59.8 billion in December, up 15.2 per cent from $51.9 billion in the same period a year earlier.
On a month-on-month basis, the December figure, which also hit a 10-year record, is the result of a 2.1 per cent rise in imports to $264.9 billion, and a 1.9 per cent drop in exports to $205.1 billion, according to the Department.
For the whole year, imports surged 7.5 per cent from the previous year to $3.12 trillion, while exports jumped 6.3 per cent to $2.5 trillion, the data showed, Xinhua reported.
In December, the country saw an increase in the goods deficit of $9 billion to 81.5 billion, as well as a decrease in the services surplus of $0.5 billion to $21.8 billion.
With regard to specific countries and areas, the charts showed that China still runs the largest trade surplus with the US, trailed by the European Union (EU) and Mexico.
US trade deficit with China reached $38.7 billion in December, up $3.2 billion from November. For full-year 2018, US total value of imports from China outnumbers exports to the country by $419.2 billion, an increase of $43.6 billion compared with 2017.
Washington has a $169.3 billion red ink in trade balance with the Brussels in 2018. The country also bought more from Mexico than it sold to the southern neighbour during the same year, resulting in a net outflow of $81.5 billion.
US President Donald Trump has long complained about US deficit with its trading partners worldwide. The gap, however, is continuing to widen despite his tariff measures aiming to eliminate the discrepancy.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.