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Maybe next month's numbers will be better...
http://biz.yahoo.com/ap/081211/economy_trade.html
The Commerce Department reported Thursday that the trade deficit rose to $57.2 billion October, 1.1 percent higher than the September imbalance of $56.6 billion. Analysts expected the deficit to decline to $53.5 billion on lower oil prices.
The politically sensitive deficit with China jumped to a record $28 billion in October as imports of toys, computers and televisions surged. However, with the U.S. and much of the rest of the world now in a recession, China's export-led growth is beginning to falter, raising fears that rising job layoffs at Chinese factories could trigger political unrest among displaced workers in the world's fourth largest economy.
So far this year, the U.S. trade deficit is running at an annual rate of $709.1 billion, up slightly from last year's imbalance of $700.3 billion. Economists believe the deficit going forward will shrink slightly as a recession that began a year ago continues to dampen demand for imports. However, that expected improvement will be offset by lower U.S. exports as overseas demand slows, reflecting recessions in many of America's major markets.
For October, exports of goods and services dropped by 2.2 percent to $151.7 billion, the lowest level since January. The decline reflected weaker sales for American farm products such as corn, wheat and meat, and widespread declines in manufactured goods including aircraft, semiconductors and heavy machinery.
Imports fell by 1.3 percent to $208.9 billion, led by a $921 million decline in imports of autos and auto parts as foreign car companies are being hit by the same downturn that has sent Ford Motor Co., General Motors Corp. and Chrysler LLC to Congress in search of bailout support.
Oil imports bucked the downward trend, rising on a record jump in the volume of shipments. That offset a record decline in the average price for imported crude which dropped by $15.56 per barrel to $92.02.
http://biz.yahoo.com/ap/081211/economy_trade.html
The Commerce Department reported Thursday that the trade deficit rose to $57.2 billion October, 1.1 percent higher than the September imbalance of $56.6 billion. Analysts expected the deficit to decline to $53.5 billion on lower oil prices.
The politically sensitive deficit with China jumped to a record $28 billion in October as imports of toys, computers and televisions surged. However, with the U.S. and much of the rest of the world now in a recession, China's export-led growth is beginning to falter, raising fears that rising job layoffs at Chinese factories could trigger political unrest among displaced workers in the world's fourth largest economy.
So far this year, the U.S. trade deficit is running at an annual rate of $709.1 billion, up slightly from last year's imbalance of $700.3 billion. Economists believe the deficit going forward will shrink slightly as a recession that began a year ago continues to dampen demand for imports. However, that expected improvement will be offset by lower U.S. exports as overseas demand slows, reflecting recessions in many of America's major markets.
For October, exports of goods and services dropped by 2.2 percent to $151.7 billion, the lowest level since January. The decline reflected weaker sales for American farm products such as corn, wheat and meat, and widespread declines in manufactured goods including aircraft, semiconductors and heavy machinery.
Imports fell by 1.3 percent to $208.9 billion, led by a $921 million decline in imports of autos and auto parts as foreign car companies are being hit by the same downturn that has sent Ford Motor Co., General Motors Corp. and Chrysler LLC to Congress in search of bailout support.
Oil imports bucked the downward trend, rising on a record jump in the volume of shipments. That offset a record decline in the average price for imported crude which dropped by $15.56 per barrel to $92.02.