U.S. Trade Deficit Falls to Lowest Level in 14 Months
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October 2006 |
The U.S. trade deficit of goods and services narrowed to $58.9 billion in October 2006 from $64.3 billion in September, according to the U.S. Bureau of Economic Analysis. This is the lowest level in 14 months, driven by lower crude oil prices. The 8.4% drop from September was the biggest monthly decline since December 2001. |
The trade deficit this year is running at an annual rate of $772.1 billion, putting the country on track to post a fifth consecutive record trade imbalance.
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Exports of goods and services increased $0.3 billion in October to $123.6 billion, as services exports increased and goods exports decreased.
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Imports of goods and services decreased $5.1 billion in October to $182.5 billion, reflecting a decrease in goods imports. Services imports increased.
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The goods deficit with China increased from $23.0 billion in September to $24.4 billion in October. Exports increased $0.3 billion to $4.9 billion, while imports increased $1.7 billion to $29.3 billion. It is running at an annual rate of $229 billion, far above last year's $202 billion deficit, which had been an all-time high for any country.
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The goods deficit with Japan increased from $6.7 billion in September to $8.3 billion in October. Exports increased $0.4 billion to $5.5 billion, while imports increased $1.9 billion to $13.7 billion.
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The goods deficit with Mexico decreased from $5.8 billion in September to $5.2 billion in October. Exports increased $1.4 billion to $12.4 billion, while imports increased $0.7 billion to $17.6 billion.
