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U.S. Trade Gap: Hits Six Year Low as Economic Slump Continues
The U.S. trade deficit narrowed for a record sixth consecutive month in January to the lowest level in six years as imports and exports both slumped on weak domestic demand, government data showed on Friday.
Weak American demand for everything from oil to automobiles led to shrinking imports, which fell faster than exports, reducing the gap by 9.7% to $36 billion, compared to the $38 billion Wall Street expected, the Commerce Department said Friday in Washington.
“The narrowing reflects the ongoing economic downturn. U.S. consumers are pulling back and that’s resulting in fewer imports while exports are falling,” Mark Zandi, chief…
16Mar2009 | Money Morning | 0 comments | ContinuedTrade Deficit Grows, Despite Record Decline in Oil Prices
The U.S. trade deficit grew in October as both the volume of oil exports and our trade deficit with China surged to a record highs. A widening deficit means the United States will not be able to rely on trade to help pull the economy out of what may be the longest recession in the post-World War II era.
The U.S. trade deficit grew to $57.2 billion in October, a 1.1% increase from $56.5 billion in September. Imports fell 1.3% to $208.9 billion, but exports fell even further, dropping 2.2% to $151.7 billion – the lowest level since January.
On reason for…
12Dec2008 | Money Morning | 0 comments | ContinuedA Trip Down the Road to Squanderville
Although still seen as the world’s economic superpower, the United States has found itself with a myriad of problems: Skyrocketing federal debt, growing annual budget deficits, an almost nonexistent personal savings rate, and the dubious honor of being the country with the largest current account deficit, of which trade makes up the largest part.
A trade deficit occurs when you are importing more than you are exporting — in other words, you are consuming more than you are producing. So the next time you are at Wal–Mart (WMT) or Target (TGT), take a look around. Just about everything you can purchase there…
25Nov2008 | Money Morning | 1 comment | ContinuedTurning Japanese
The happiest days are the saddest; the easiest times are the hardest; vacations are when the real work is done. Most of the year, we keep our heads down…working, going to school, doing what we must do. Then, on vacation, we look around us, and the world has changed. More below…
In the meantime, we remind readers that we are on vacation this week; don’t expect any serious reckoning.
The Dow fell 180 points on Monday. On Tuesday, it dropped 130 more.
Yesterday came more evidence that credit is still getting crunched. CDO defaults are increasing; CDO values are in “free fall,” says…
21Aug2008 | Daily Reckoning | Comments Off | ContinuedWeak Dollar Narrows Trade Deficit, but Inflation Blunts Consumer Demand
The trade deficit narrowed significantly in the month of March, as developing markets took advantage of a weak dollar and stocked up on American goods.
The gap shrank 5.7% from a revised $61.7 billion in February to $58.2 billion, the Commerce Department reported. Imports decreased 2.9% as the country experienced sluggish growth over the past six months, and according to some, slipped into a recession. It was the biggest drop in imports since December 2001.
Exports dropped by 1.7%, but that decline followed February’s record high export total of $151.1 billion. March’s export total of $148.5 billion was the second biggest…
12May2008 | Money Morning | Comments Off | Continued
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