The Trade deficit increased $2.7 billion from last month to $39.7 billion. Exports increased $0.3 billion where imports increased $3.0 billion from January.
February exports of $143.2 billion and imports of $182.9 billion resulted in a goods and services deficit of $39.7 billion, up from $37.0 billion in January, revised. February exports were $0.3 billion more than January exports of $142.9 billion. February imports were $3.0 billion more than January imports of $179.8 billion.
When a boat you are on is leaking you either start bailing out the water or 'abandon ship'. Right? Well guess what our boat is continuing to leak. Census Bureau announced today that our Trade Deficit grew in November to $36.4 billion:
total November exports of $138.2 billion and imports of $174.6 billion resulted in a goods and services deficit of $36.4 billion, up from $33.2 billion in October, revised. November exports were $1.2 billion more than October exports of $137.0 billion. November imports were $4.4 billion more than October imports of $170.2 billion.
Emphasis is NOT mine!
Believe it or not there was a time when we didn't have such a large Trade Deficit:
The trade deficit for October 2009 was -$32.9 billion, down $2.8 billion from last month's deficit of $35.7 billion. The complete trade report is here.
Commerce, announced today that total October exports of $136.8 billion and imports of $169.8 billion resulted in a goods and services deficit of $32.9 billion, down from $35.7 billion in September, revised. October exports were $3.5 billion more than September exports of $133.4 billion. October imports were $0.7 billion more than September imports of $169.0 billion.
This is some very good news for both imports and exports increased, it's simply that exports increased more. This adds to U.S. GDP.
In comparison to a year ago, exports are down 8.6% while imports are down 18.8%.
September exports of $132.0 billion and imports of $168.4 billion resulted in a goods and services deficit of $36.5 billion, up from $30.8 billion in August, revised.
September exports were $3.7 billion more than August exports of $128.3 billion. September imports were $9.3 billion more than August imports of $159.1 billion.
The deficit, which detracts from GDP, increased 5.7 billion in one month, or 18.2%. That's the largest jump in a decade.
The balance of services remained stable, both imports and exports grew by $0.2 billion.
In past global slowdowns, the United States invariably led the way out, followed by Europe and the rest of the world. But for the first time, the catalyst is coming from China and the rest of Asia, where resurgent economies are helping the still-shaky West recover from the deepest recession since World War II.
While Roubini warns on oil price increases breaking any potential recovery, we note China's robust growth is causing oil prices to rise.
January's trade statistics are out and imports dropped 22.8% while exports dropped 16.4%. So, a ring of good news, our trade deficit dropped. But the bad news: U.S. exports have dropped 44% on a yearly scale. From the BEA:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total January exports of $124.9 billion and imports of $160.9 billion resulted in a goods and services deficit of $36.0 billion, down from $39.9 billion in December, revised. January exports were $7.6 billion less than December exports of $132.5 billion. January imports were $11.5 billion less than December imports of $172.4 billion.
Europe recorded the biggest trade deficit in 2008 since the euro’s introduction 10 years ago as higher oil prices boosted energy costs and the global financial crisis curtailed exports.
The region’s trade deficit of 32.1 billion euros ($40.5 billion) compared with a surplus of 15.8 billion euros in 2007, the European Union’s statistics office in Luxembourg said today.
The spreading of the global recession is curbing demand for European products, adding to pressure on the economy, which shrank the most in 15 years in the fourth quarter. Volkswagen AG, Europe’s largest carmaker, said deliveries fell about 20 percent last month and that sales in the export markets of Brazil, Russia, India and China have been “particularly hit” by the credit freeze.
Recent comments