Trade deficit up, but wait
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Manufacturing News, Source : The Manufacturer US
Published : 23 Oct 2006 14:23
The US trade deficit, alas, rose to a record high in August, climbing 2.7 percent to $69.86 billion. This according to just-released data from the Department of Commerce.
Analysts from both the consulting community and the The Wall Street Journal attribute the spike to high oil prices, and American demand for all types of imports.
But we are curious to see how the October and November figures shake out, as September saw a rise in retail sales and consumer spend over September 2005, which the National Retail Federation attributed to the low cost of fuel – that, of course, came in later Q3.
Some details on exports: The July to August change in exports of goods reflected increases in capital goods ($1.3 billion); industrial supplies and materials ($0.5 billion); other goods ($0.4 billion); foods, feeds, and beverages ($0.4 billion); and consumer goods ($0.2 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion).
The July to August change in imports of goods reflected increases in industrial supplies and materials ($2.0 billion); capital goods ($1.0 billion); consumer goods ($0.7 billion); automotive vehicles, parts, and engines ($0.5 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.2 billion).
Overall, this represents a rise of 2.4 percent between July and August in imports, and likely due to the then $66+ per barrel cost of oil. Higher prices and level consumption mean more dollars going out.
The deficit with China in particular rose to an all-time high of $21.96 billion in August, and another record of $11.23 with the OPEC countries
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