Trade deficit narrows as exports climb
November 9, 2012 12:49 AM EST
The U.S. trade deficit narrowed in September as exports increased, suggesting the economy expanded more than previously believed in the third quarter.
The seasonally adjusted monthly trade gap fell to $41.55 billion, the smallest deficit since December 2010, the Commerce Department said on Thursday. Analysts were expecting the trade gap would widen to $45.0 billion.
The reading suggests exports did more to boost economic growth in the third quarter than previously believed. Gross domestic product expanded 2.0 percent in the period, according to initial estimates.
U.S. exports rose 3.1 percent in September, the biggest increase in more than a year despite a debt crisis in Europe that has weighed on the global economy.
Exports to the European Union were flat compared to the prior month, although the figures were not adjusted for seasonal swings. Unadjusted exports to major trade partners Canada and Mexico fell in the same period.
U.S. imports rose 1.5 percent in September when seasonally adjusted.
The trade deficit with China expanded in September to $29.1 billion from $28.7 billion a month earlier. The government does not seasonally adjust that reading.
The average price for imported oil rose in September to $98.88 per barrel, although the quantity of oil imports fell.
(Reporting by Jason Lange; Editing by Andrea Ricci)
Most Popular Slideshows
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Chilling: New ISIS Video Addresses Australia; Aussie Teen Delivers Message
- The Pirate Bay Blockade: Cost Of Blocking Websites Like TPB Is Ridiculously High
- Xiaomi Mi4 And MiPad Prices Likely Slashed, Thanks To Rivals Oppo, OnePlus And Meizu
- Top 4 Free-To-Download Apps for Fuller iPhone 6, 6 Plus Experience
- Battery Saving Android 5.0 Lollipop Feature Extends The Battery Life Of Your Android Device By 90 Minutes And Displays Orange Bar While Power Saving Mode Is On
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar