Last Update: 04-Dec-13 08:55 ET
- The October trade deficit fell to $40.6 bln from an upwardly revised $43.0 bln (from $41.8 bln) in September. The Briefing.com consensus expected the trade deficit to fall to $40.5 bln.
- The goods deficit fell to $60.2 bln in October from $62.4 bln in September, a drop of $2.2 bln. The services surplus increased by $0.1 bln, from $19.4 bln to $19.6 bln.
- Exports jumped 2.2% in October, from $132.3 bln in September to $135.3 bln. Unfortunately, the pickup in export demand may not be stable. Nearly half of the increase in exports was attributed to a large gain in sales of artwork (+$0.5 bln), gem diamonds (+$0.4 bln), and jewelry (+$0.4 bln) that likely occurred on account of the high-end and well publicized Christie’s and Sotheby’s auctions.
- The rest of the increase in exports came from foods (+$0.6 bln) and industrial supplies (+$1.5 bln). A $0.8 bln increase in other petroleum product exports was the main cause for the increase in industrial supplies.
- Imports increased 0.4%, from $232.3 bln in September to $233.3 bln in October. Increased demand for industrial supplies (+$0.8 bln), consumer goods (+$0.5 bln), and food (+$0.3 bln) offset a $1.0 decline in imports of automotive vehicles, parts, and engines.
- The petroleum products deficit fell to $19.6 bln in October from $19.9 bln in September.
- October trade data was positive for fourth quarter GDP growth.