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Last Update: 09-Dec-11 09:47 ET
U.S. Trade Balance Narrows in October
The U.S. trade deficit narrowed slightly from $44.2 bln in September to $43.5 bln in October. The Briefing.com consensus pegged the trade deficit at $44.0 bln.
The goods deficit declined from $59.5 bln in September to $58.8 bln in October. The services surplus was essentially unchanged.
Both imports and exports declined in October.
Exports fell from $180.6 bln in September to $179.2 bln in October. Strangely, almost the entire decline in exports can be attributed to a drop in gold prices and a lack of overall demand for precious metals. Gold futures fell from an average of $1770 per oz in September to $1671 per oz in October. That helped cause nonmonetary gold exports to fall $1.2 bln in October. Exports of jewelry and gem diamonds fell $0.5 bln.
Imports fell by $2.2 bln, from $224.8 bln in September to $222.6 bln in October. The decline in imports was mostly the result of lower petroleum prices. Imports of petroleum products fell $1.8 bln in October, a 5% decline from September. After adjusting for the change in prices, petroleum demand fell by only 3%.
The goods deficit declined from $59.5 bln in September to $58.8 bln in October. The services surplus was essentially unchanged.
Both imports and exports declined in October.
Exports fell from $180.6 bln in September to $179.2 bln in October. Strangely, almost the entire decline in exports can be attributed to a drop in gold prices and a lack of overall demand for precious metals. Gold futures fell from an average of $1770 per oz in September to $1671 per oz in October. That helped cause nonmonetary gold exports to fall $1.2 bln in October. Exports of jewelry and gem diamonds fell $0.5 bln.
Imports fell by $2.2 bln, from $224.8 bln in September to $222.6 bln in October. The decline in imports was mostly the result of lower petroleum prices. Imports of petroleum products fell $1.8 bln in October, a 5% decline from September. After adjusting for the change in prices, petroleum demand fell by only 3%.
