The Trade Deficit increased by $3.8 billion to of $40.2 billion in December from a revised figure of $36.4 billion for November. This was its highest level in twelve months, beating the expected decrease to $36.3 billion. December exports increased by $4.6 billion to $142.7 billion, offset by a significantly larger increase in imports, which rose by $8.4 billion to $182.9 billion. Oil imports rose by 14.8% to its highest level since October 2008 and contributed significantly to the rising deficit. For the entire year of 2009, the deficit decreased to $380.7 billion from the 2008 level of $695.9 billion. This is the lowest recorded figure in eight years, primarily due to a considerable decrease in imports, triggered by the economic downturn. The Commerce Department provided the November figures of the trade balance of the U.S. relative to selected trading partners, in billions of dollars, with surpluses in Hong Kong ($2.0), Australia ($1.1), Singapore ($0.8), and Egypt ($0.2). Deficits were recorded, in billions of dollars, with China ($18.1), OPEC ($6.8), the European Union ($6.4), Mexico ($5.2), Japan ($4.6), Canada ($3.0), Venezuela ($2.1), Nigeria ($2.2), Taiwan ($0.7), and Korea ($0.6).
Today at 2:00 PM EST, the Department of Treasury will release the balance of the Treasury Budget for
January, with an anticipated deficit of $52.1 billion, following the reported $91.8 billion deficit in December.
Upcoming Releases
Treasury Budget (02/10 at 2:00 PM EST)
Initial Claims (02/11 at 8:30 AM EST)
Retail Sales (02/12 at 8:30 AM EST)
Business Inventories (02/12 at 10:00 AM EST)
