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US Trade Deficit At $38.7 Billion, Better Than Expectations Of $43.8 Billion
Following the stronger than expected net exports by China, we now get a better than expected trade deficit from the US, which comes at $38.7 billion, compared to expectations of $43.8 billion, from a prior upward revised -$44.6 billion. As the number is GDP positive, it has pushed the USD higher, which by courtesy of its newfound status as funding currency of risk assets, ends up offsetting any move in stocks higher, further elaborating the paradox that good economic news in the US is stock market neutral at best and negative at worst. Lastly, the question of where all these extra exports are going (more net exports out of the US, EU, China, Australia, and Japan) refuses to be answered by anyone... Perhaps Mars really is bailing out the earth.
From the release:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $158.7 billion and imports of $197.4 billion resulted in a goods and services deficit of $38.7 billion, down from $44.6 billion in September, revised. October exports were $4.9 billion more than September exports of $153.8 billion. October imports were $0.9 billion less than September imports of $198.4 billion.
In October, the goods deficit decreased $5.7 billion from September to $51.4 billion, and the services surplus increased $0.2 billion to $12.7 billion. Exports of goods increased $4.5 billion to $112.3 billion, and imports of goods decreased $1.2 billion to $163.7 billion. Exports of services increased $0.4 billion to $46.4 billion, and imports of services increased $0.2 billion to $33.7 billion.
The goods and services deficit increased $6.4 billion from October 2009 to October 2010. Exports were up $20.6 billion, or 14.9 percent, and imports were up $27.0 billion, or 15.9 percent.
Trade balance with selected countries:
The October figures show surpluses, in billions of dollars, with Hong Kong $1.9 ($2.3 for September), Australia $1.3 ($1.2), Singapore $0.6 ($0.7), and Egypt $0.5 ($0.6). Deficits were recorded, in billions of dollars, with China $25.5 ($27.8), European Union $7.1 ($6.1), Mexico $5.8 ($5.8), OPEC $5.7 ($8.9), Japan $5.7 ($5.0), Germany $3.3 ($2.7), Ireland $2.7 ($2.2), Nigeria $1.8 ($2.5), Venezuela $1.2 ($1.9), Korea $1.1 ($1.3), Canada $1.1 ($0.9), and Taiwan $1.0 ($0.9).
And according to the US, the trade balance with China in October was $25.5 billion, while according to China the same number was $18 billion for that month. Go figure.
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Yup, ES is down on the news. Good news is bad news in the world of monopoly money.
"And according to the US, the trade balance with China in October was $25.5 billion, while according to China the same number was $18 billion for that month. Go figure. "
LOL. Maybe next time they trade Excel files and settle somewhere in the middle?
$7.5 Billion difference?...wowza...I think they forgot to call each other.
Ben will feel vindicated. Devaluing the dollar worked....now what happens when the pumps are turned off....or will they just keep going?
They are going to keep going and inflation will remain subdued as long as China finds it in their interests to avoid social disorder and a subsidize us and as long as the construct of the output gap remains robust
soaring food stamps put a damper on importing plastic and electronics..
eat or text? eat or text??
as our economy slows imports follow suit.. No?
How about both? Some states provide free cell phones to food stamp recipients and the unemployed. So you get to text AND eat! Is this a great country or what?
"Oh Great!" cheers the ever vigilant financial media. "Here come a few more 'completely true and corroborated economic numbers' from the last bastion of truth and integrity itself."
/sarcasm/
PMs on sale please!
Data compiled by the US Bureau of Census Lies, US Bureau of Economic Lies, Department of Commercial lies.
TD inflation adjusted both graphs show a contracting US economy..even given the fudge of the numbers (china 18 bil vs US 25 bil)
someone got Obuma the real numbers and he paniced and ran to cut taxes..
how bad is the real economy?
5 Billion surplus in exports! YIPEE! Is that substantial! Is that enough to invade Iran with? Just asking.....
...and gold takes a nice $17 slide
Yay! So my savings will be worth more! This is splendid news in this, the best of all possible worlds.
Seems every day is a good day for Blythe the vampire and Blankenfein to do god's work and dump gold, and all this of course before market opening, they always seem to have the luxury to dump at the high's and buy at lows, while we sheeple look at the scam go on every single day..
TD or other geniuses....
"Exports of goods alone rose 4.2% to $112.3 billion. The United States exported a record amount of agricultural products in October"
Thus...if ag prices spiked (which they did) would that mask the actual amount (volume) of goods shipped? In other words did we really ship more or did higher prices actually mask the true volume? Is it based on volume or the dollar amount?
The oil balance dropped as the number of barrels down anbd the import price recorded at 74 vs. 72 last month.
It is really what would go up more relative to the other. Right now, we know that the prices of ag went through the roof during the summer so that now the prices were being passed on in Q3. I would attribute it to price appreciation than a higher quantity.
Hey guys its junior here. Maybe the true contrarians are long Spx.
OK so what does a trader do? You can't short stocks because the Fed will shove it up your pooper...you can't buy stocks because you know when they pull the rug out there won't be a bid from here to mars...so I guess I'll just watch porn......
Watch porn buy puts and/or keep tight stops. You can invest and watch porn too. Investing 101.
Let me know how "Gang Bang My Face" is. Jeffery Gundlach highly recommends it.
"Lastly, the question of where all these extra exports are going (more net exports out of the US, EU, China, Australia, and Japan) refuses to be answered by anyone..." Fine,I'll tell ya...they're being stored in REO's... STuFFeDRuS
I quit reading at "U.S. Bureau" and went back to surfing financial porn on CNBS...
channel stuffing to the extreme!
I love the perfect correlation of every asset class out there. Dollar goes up, everything (including treasuries) go down. Diversification is for chumps.
Margaret Brennan is the queen of Financial porn..love her.
Meh - good enough for a nice, almost instantaneous haircut for Gold ($12) and Sliver ($0.40). Keep up the good work, lads - there's still a ways down to go before I start buying with both hands again!
I walk around in a daze saying this is wrong, this is wrong, this ain't right, bad is good, good is bad. Something bad for real gonna happen. Can't say when, can't say what but you ought not to be in stocks as I see coworkers retire with a couple hundred grand in their 401ks. Enjoy eating top ramen. Everything is terrible here folks.
(d)
China gets our food and metals.
We get gadgets and toys with lead based paints.
I think the biggest crock of shit is expecting the trade deficit with China to be significantly lessened if they appreciate the yuan (and/or we cheapen dollar by inflation) - when China appreciated the yuan by 20% during 2005-08 our trade deficit with them actually got worse (by about 20% during that period, I think.) Farm products is one of the few areas we net export (other top items being scrap paper and skins/hides) - we can't make export sector more competitive if it isn't really there.
While Ben and the bankers sell us out to save a soon to be worthless piece of paper, Asia is taking the opportunity to buy gold.
We're playing checkers while the rest of the world plays chess.
Stuck on stupid.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/12/9_KWN_Source_-_Gold_Will_Move_%24150_Higher_Within_5_Weeks.html
"[A]ccording to the US, the trade balance with China in October was $25.5 billion, while according to China the same number was $18 billion for that month."
And all we who have been and remain completely skeptical of ANY numbers coming out of D.C. or Beijing rest our case.
I would like to see how much of our exports are gold, silver, platinum, palladium, and copper... All those gold buying places on every corner are feeding the export of our wealth, is my bet.
As I've been saying, across the board demand has been strong throughout our supply chain. This is no surprise and should continue.
Across the board demand is not strong throughout the supply chain. with oil at 90 bucks we're "rolling over." the ludicris "we love deficits if they're created by tax cuts" set have now shown they're true "we hate repaying our bills, too" ways. it's all phucking "Liars Poker." A "sudden spurt in growth to 4 percent"? Laughable. We have to PAY for that bill Mr. Pseudo Conservative! So "now we have the bankruptcies." Surprising? Of course not...not only is the Fed "giving away money" but "the government has in no way shown any interest in paying its bills either." So who is? Well..."they're called former employers now." It's the Peter Orszag "money for nothing chics for free" economy. Bankruptcies at the State level are inevtible now...as is the annihilation of all the benefits they represent which are of course massive and critical to the functioning of what's left of this jalopy of an economy that we've created "due to a crisis" of course. Never let a crisis go to waste? PHUCK YOU I HOPE YOU DIE.
I've learned to treat Harry Wanger & his friends as one would those annoying pop-ups, and recommend it to all.
Firefox should have a 'WangerBlock' Add-on available soon.
When the foreign trade account actually turns positive it will be all over; dollar done, hyperinflation setting in.