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Trade Deficit Narrows as Trade Grows in October
Friday, 11 December 2009 00:00
Exports, imports increase across wide range of goods

The goods and services deficit shrunk 8 percent to $32.9 billion from September to October, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced Friday.

Exports and imports grew across a wide range of goods, including capital goods; consumer goods; automotive vehicles, parts, and engines; and foods, feeds, and beverages, as the economy climbed toward recovery from a deep recession. However, imports of industrial supplies and materials; and other goods decreased.

Total October exports of $136.8 billion were up $3.5 billion from September. Imports of $169.8 billion were $700 million more than September imports. The goods deficit decreased $2.6 billion from September to $44.8 billion, and the services surplus increased $200 million to $11.9 billion.

Exports of goods increased $3.2 billion to $93.5 billion, and imports of goods increased $700 million to $138.4 billion.

Compared with 2008, the totals for exports and imports were significantly lower and so was the amount of the deficit. Exports were down $12.9 billion, or 8.6 percent, and imports were down $39.3 billion, or 18.8 percent. The goods and services deficit decreased $26.5 billion from October 2008.

Journal of Commerce Online, 12/11/2009