Drop in U.S. Oil Imports Leads to Lower Trade Deficit
Economics / US Economy Dec 10, 2011 - 12:28 PM GMTBy: Asha_Bangalore
The trade deficit narrowed to $43.5 billion in October from $44.2 billion in the prior month. A 0.8% drop in nominal exports of good and service and a 1.0% drop in imports of goods and services resulted in an overall improvement of the trade gap. Real exports of goods increased 1.2% but real imports of goods fell 0.3% in October. Oil imports declined in October (2.8%) reflecting a lower quantity and price.
The improvement of the trade gap is a big plus for fourth quarter GDP if the November and December data fail to show a widening of the trade gap.
Asha Bangalore — Senior Vice President and Economist
http://www.northerntrust.com
Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.
Copyright © 2011 Asha Bangalore
The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
