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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: Paul Kern12/12/2006 8:34:06 AM
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DJ DATA SNAP: US Oct Trade Gap Falls By Most Since 2001 

=============================================================== 
 Oct         International Trade              !               ! 
                             Oct         Sep  ! Consensus:    ! 
 Deficit:                $58.87B     $64.26Br !      $63.00B  ! 
 Exports:               $123.63B    $123.35Br ! Actual:       ! 
 Imports:               $182.49B    $187.61Br !      $58.87B  ! 
===============================================================

By Jeff Bater
Of DOW JONES NEWSWIRES


WASHINGTON (Dow Jones)--The U.S. trade balance narrowed sharply during October, taking its biggest tumble in nearly five years as oil prices kept falling and exports managed a modest gain.

The U.S. deficit in international trade of goods and services decreased by 8.4% to $58.87 billion from $64.26 billion in September, the Commerce Department said Tuesday. September's shortfall was previously estimated at $64.30 billion.

The October trade deficit was much lower than Wall Street expected. The median estimate of 21 economists surveyed by Dow Jones Newswires was a deficit of $63.00 billion. The drop in the deficit was the sharpest since an 11.2% decline in December 2001.

Imports in October declined 2.7%. The U.S. economy has weakened since the beginning of this year, increasing at a rate of 2.2% July through September after rising 2.6% in the second quarter and 5.6% in the first quarter.

U.S. imports retreated to $182.49 billion from $187.61 billion in September. The volume of crude oil imports shrank, down to 311.76 million barrels from 316.59 million, and the average price of a barrel of crude fell a second straight month, sliding by $7.05 to $55.47. The value of crude oil imports declined to $17.29 billion from $19.79 billion in September.

The nation's bill for all energy-related petroleum products decreased to $22.32 billion from September's $25.81 billion.

As for other import categories, purchases of industrial materials such as oil and chemicals and copper from overseas plunged by $5.20 billion.

Imports of capital goods like aircraft and computer accessories decreased by $398 million. Purchases of cars and parts made abroad decreased, down by $341 million.

Imports of foods and beverages advanced by $118 million. Consumer goods imports - including diamonds and toys - climbed by $238 million.

U.S. exports increased by 0.2% to a record $123.63 billion in October from $123.35 billion in September. Exports have gone up for three consecutive months.

Sales climbed by $33 million for capital goods, including computers and oilfield equipment. Exports of consumer goods such as pharmaceutical preparations were up $388 million. Exports of foods and beverages rose by $36 million.

Exports decreased by $521 million for industrial materials. Sales of autos and parts dropped by $60 million.

Deficits with major trading partners in October were mixed.

The deficit with China increased to $24.37 billion from $22.96 billion in September. The trade gap with the euro area rose to $6.99 billion from $5.24 billion. The deficit with Japan swelled to $8.25 billion from $6.73 billion.

The monthly shortfall with Mexico decreased to $5.18 billion from $5.84 billion. The trade gap with Canada fell to $5.40 billion from $5.68 billion.

-By Jeff Bater, Dow Jones Newswires; 202-862-6616; jeff.bater@dowjones.com


(END) Dow Jones Newswires
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