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Mix-Ansicht- The nation's trade gap widened sharply and surprisingly in October to $68.9 bill - CRASH_GURU, 14.12.2005, 15:29
The nation's trade gap widened sharply and surprisingly in October to $68.9 bill
-->The nation's trade gap widened sharply and surprisingly in October, to $68.9 billion from $66 billion in September and from $59 billion in August. The latest total ushers in the prospect of $70 billion monthly trade gaps! But the reopening of Gulf Coast ports in the month did distort the data, adding an unadjusted $3.6 billion to imports but also adding $1.3 billion to exports.
Imports jumped 2.7% in the month to $176.4 billion, swollen by a 7.8% jump in petroleum to $25.8 billion. The volume of petroleum imports rose sharply to 304.5 million barrels from 278.5 million in September, a reflection of the downturn in price from hurricane highs. Imported crude averaged $56.29 per barrel in the month vs. $57.32 in September and against $41.84 a year ago.
But a plus in the report were strong exports, which rose 1.7% to $107.5 billion despite strength in the dollar. Civilian aircraft exports rose sharply in the month to $2.5 billion from $0.9 billion in September. It's interesting to note that strong aircraft exports, usually a big plus in any one month, only limited October's huge gap.
The gap with China, one of the most closely watched economic relationships, rose to $20.5 billion in the month from $20.1 billion in September. The gap with the EU jumped to $12.1 billion from $10.1 billion, as did the gap with Japan to $7.4 billion from $6.4 billion. The gap with OPEC also rose.
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