US Nov trade deficit narrows 1 pct to 58.2 bln usd, lowest level since July 2005 |
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Wed, 10 Jan 2007 14:49
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WASHINGTON (AFX) - The US trade deficit unexpectedly narrowed in November for the third month running as rising exports and falling oil prices led to the lowest trade gap in more than a year, the Commerce Department said today.The trade deficit narrowed 1 pct to a 58.2 bln usd in November, compared with the 59.5 bln usd deficit economists had expected.The deficit, which has not declined three times in a row since the three months leading up to June 2003, is now at its lowest level since July 2005.And the shortfall with China fell for the first time in four months, shrinking 5.9 pct from October's record level to 22.9 bln usd in November. Despite the November decline, the shortfall with China so far this year is at a record 213.5 bln usd.Total imports rose 0.3 pct 182.5 bln usd, while exports grew by a larger 0.9 pct to 124.8 bln usd.Despite the November decline in the trade gap, the US economy is still on track to post a record annual trade deficit for the fifth consecutive year.For the year, the trade deficit is running at an annualised 765.4 bln usd pace, 6.8 pct higher than last year's record of 716.7 bln usd. The department's estimate for October's trade deficit was revised to 58.8 bln usd, a touch smaller than the 58.9 bln usd originally estimated.Total oil imports in November fell 0.4 pct to 21.5 bln usd as the average price per barrel of crude oil fell for the third consecutive month to 52.25 bln usd, the lowest level since January.newsdesk@afxnews.comtfn-was-cbd/wash/ppCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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UK Nov global trade in goods deficit 7.2 bln stg, biggest since Feb 2006 