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Strategies & Market Trends : Currents of Currency

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To: Ahda who wrote (29)	4/10/2003 11:12:33 AM
From: Ahda	Read Replies (1) of 594

Reuters Trade Deficit Narrows to $40.3 Billion Thursday April 10, 9:12 am ET WASHINGTON (Reuters) - The U.S. trade deficit narrowed slightly in February to $40.3 billion as exports rose and imports declined for a second consecutive month, the Commerce Department said on Thursday. ADVERTISEMENT The February trade gap was lower than the estimated $42.3 billion deficit expected by Wall Street analysts. But buoyed by the highest oil prices in 20 years, it still was the third highest monthly deficit on record -- surpassed only by January and by a record $44.9 billion shortfall posted in December. Led by increased foreign demand for U.S. civilian aircraft and other capital goods, exports increased 0.5 percent in February to $82.45 billion. The second straight monthly increase in exports occurred as the dollar's value continued a slide against other currencies, making U.S. products less expensive in the world market. In a sign of weakening U.S. consumer confidence during the buildup to the war in Iraq, imports slumped in February for a second month in a row to $122.8 billion. However, import levels were still well above February 2002 tally of $110.4 billion. Fears about possible war-related supply disruptions boosted the average price for imported oil to $30.46 per barrel in February, the highest since $31.12 in February 1983. The bilateral trade deficit with Mexico -- the United States' second largest trading partner -- was a record $3.9 billion as exports fell to the lowest level since May 1999 and imports increased slightly. The United States runs its largest bilateral trade deficit with China, reaching more than $100 billion in 2002. But in February, the trade gap with China declined to the lowest level since last April. U.S. exports to China increased slightly to $2.1 billion in February, while imports from China declined nearly 16 percent to $9.6 billion. Does this mean China still grows? As more people work more money is spent? As the US dollar drops so does the cost to other nations who order from China.

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