The US international trade gap for October was in line with expectations at -$43.5 billion, its lowest level in 10 months.
But this comes in as an unexpected drop in the deficit because September’s numbers were revised down from -$43.1 B to -$44.2 B, resulting in the trade gap narrowing 1.6% in October.
Both U.S. imports and exports declined in October — 1.0% and 0.8% respectively — as the global slowdown impacts demand in the United States and abroad.
One of the biggest contributors here was the price of oil, as the average price for imported crude fell for a fifth consecutive month to $98.84 per barrel, from its May peak of $108.70.
Gold has also had a noticeable impact on the data lately, but one of the most interesting numbers to me was the record $37.8 B in imports from China.
I look forward to Dirk breaking down the full report in more detail later today and hopefully he will join us here for some comments and highlights this morning.
Kevin
