by Calculated Risk on 11/08/2012 09:25:00 AM
Thursday, November 08, 2012
Trade Deficit declined in September to $41.5 Billion
The Department of Commerce reported:
[T]otal September exports of $187.0 billion and imports of $228.5 billion resulted in a goods and services deficit of $41.5 billion, down from $43.8 billion in August, revised. September exports were $5.6 billion more than August exports of $181.4 billion. September imports were $3.4 billion more than August imports of $225.2 billion.The trade deficit was smaller than the consensus forecast of $45.4 billion.
The first graph shows the monthly U.S. exports and imports in dollars through September 2012.

Both exports and imports increased in September. Exports are at a new high.
Exports are 13% above the pre-recession peak and up 3.5% compared to September 2011; imports are 1% below the pre-recession peak, and up about 1.5% compared to September 2011.
The second graph shows the U.S. trade deficit, with and without petroleum, through September.

Oil averaged $98.88 in September, up from $94.36 per barrel in August. The trade deficit with China increased to $29.1 billion in September, up from $28.0 billion in September 2011. Most of the trade deficit is due to oil and China.
The trade deficit with the euro area was $7.6 billion in August, up from $6.4 billion in August 2011.
This suggests a small upward revision to Q3 GDP.