|Metrics 2.0» Economic Indicators» Foreign Trade:|
|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.|
In September 2006, the goods and services deficit was down $0.7 billion from September 2005. Exports were up $16.8 billion, or 15.8%, and imports were up $16.2 billion, or 9.4% from 2005.
U.S. exports rose 2.3% to a record $122.42 billion in August, on strong sales of American-made aircraft, foods, and consumer goods. Growth of U.S. imports outpaced exports, rising 2.4% in August to $192.28 billion.
The U.S. trade deficit hit a record $68 billion in July, surpassing the old monthly record of $66.6 billion set last October, according to the Commerce Department. High oil prices in July pushed US foreign oil bill to the highest level in history. The July deficit jumped 5% from the June imbalance of $64.8 billion (revised).
The July trade deficit was higher than Wall Street expected. The median estimate of 22 economists surveyed by Dow Jones Newswires was a deficit of $65.50 billion. (WSJ)
The U.S. net international investment
position at yearend 2005 was -$2,693.8 billion with direct investment
valued at current cost, as the value of foreign investments in the United
States exceeded the value of U.S. investments abroad. At yearend 2004, the
U.S. net international investment position was -$2,360.8 billion.
The -$333.0 billion change in the net investment position from 2004 was largely due to record private net foreign purchases of U.S. securities and to depreciation of most major foreign currencies against the U.S. dollar, which lowered the dollar value of U.S.-owned assets abroad.
The price appreciation of U.S.-held foreign stocks surpassed by a large amount price appreciation of foreign-held U.S. stocks.
U.S. official reserve assets decreased $1.5 billion to $188.0 billion.