US Deficit Shrinks To $40.6 Billion As October Petroleum Exports Rise To New Record
Moments ago, the Census Bureau announced that in October the US trade gap narrowed to $40.6 billion (which still missed expectations of "only" a $40 billion deficit) from an upward revised September deficit of $43 billion, as oil sales boosted exports to record level. Total exports rose to a record $192.7 billion up $3.4 billion from last month's $189.3 billion, while imports rose just $1 billion to $233.3 billion resulting in a $40.6 billion gap. Among the report highlights: October exports of goods and services ($192.7 billion), exports of goods ($135.3 billion), and exports of services ($57.4 billion) were the highest on record; October imports of goods and services ($233.3 billion) were the highest since March 2012 ($234.3 billion); and perhaps the best news for shale fans: October petroleum exports ($12.5 billion) were the highest on record.
Looking at the key goods category, The September to October increase in exports of goods reflected increases in industrial supplies and materials ($1.5 billion); consumer goods ($1.0 billion); foods, feeds, and beverages ($0.6 billion); capital goods ($0.3 billion); and other goods ($0.2 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.2 billion). The September to October increase in imports of goods reflected increases in industrial supplies and materials ($0.8 billion); consumer goods ($0.5 billion); other goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion). Decreases occurred in automotive vehicles, parts, and engines ($1.0 billion) and capital goods ($0.3 billion)
Broken down by country, The October figures show surpluses, in billions of dollars, with Hong Kong $2.8 ($3.2 for September), Brazil $1.7 ($1.0), Australia $1.4 ($1.5), and Singapore $1.2 ($1.3). Deficits were recorded, in billions of dollars, with China $28.9 ($30.5), European Union $14.3 ($8.0), Germany $6.9 ($6.1), Japan $6.4 ($5.5), OPEC $5.6 ($5.9), Mexico $4.1 ($5.3), Ireland $3.2 ($1.8), Saudi Arabia $3.1 ($3.2), Canada $3.0 ($3.2), India $2.0 ($1.7), Venezuela $1.9 ($1.3), and Korea $1.7 ($2.1).
Finally, the US reported record exports with Canada and Mexico, while both exports and imports with China hit a new all time high.
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