Friday, January 11, 2008

US Trade Report

The US trade deficit grew by more than 9% for the month of November, far more than expected. The gap between imports and exports grew to $63.1 billion, up from $57.8 billion in October. A rise to $59.5 billion was anticipated.

Exports climbed to $142.3 billion, an increase of 0.4% for the month. Exports have risen for a record ninth consecutive month. Key strengths were automobile and parts sales as well as refined energy product sales.

Imports increased 3%, to $205.4 billion. The main culprit was a jump in the price of crude oil, which accounted for two-thirds of the increase in the trade gap. Purchases of capital equipment and consumer goods also contributed to the increase.

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