WASHINGTON — The U.S. trade outlook is looking better and better, thanks to improving global demand and growing American production of petroleum.
The Commerce Department said Wednesday that the U.S. trade deficit totaled $40.6 billion in October — down from an upwardly revised $43 billion in September.
U.S. exports of goods and services reached a monthly record high of $192.7 billion, up 18% from September on a seasonally adjusted basis. American imports, meanwhile, rose a more modest 4.5% in October, to $233.3 billion.
That resulting narrowing of the deficit suggests that the world economy may be gaining some momentum. U.S. shipments to Europe and China rose significantly over the month. Exports to Japan, however, were little changed, even as imports increased. (The goods trade data by countries are not seasonally adjusted.)
On the whole, the encouraging exports data for October come on the heels of a report earlier this week showing American factory managers in November reporting more orders and stronger demand from overseas.
The Commerce Department report for October indicated that U.S. exports of most major product categories were up from the previous month, including consumer goods (notably diamonds and jewelry), capital equipment and machines, and food staples such as soybeans and corn.
But more than anything else, it was petroleum products that fueled the surge the exports.
On an inflation-adjusted basis, U.S. oil exports surged 11% in October from the previous month, on a seasonally adjusted basis, to $7.7 billion. By comparison, American imports of petroleum increased by just 1.5% over the month, to $18.2 billion.
The improving trade picture bodes well for American manufacturers, and, if the trend continues, it will give a boost to U.S. economic growth in the fourth quarter, which is looking very weak. As it stands now, most economists expect the nation's gross domestic product, or total economic output, to show an expansion of less than 2% in the quarter.
Previously the government reported that third-quarter GDP advanced at an annual rate of 2.8%. That is expected to be revised slightly higher on Thursday when the Commerce Department issues its second estimate of the quarter's GDP figures.
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