20 March 2001, 16:37 US Trade Data-OVERVIEW
--US Jan trade deficit widens 0.2% to $33.3 billion
--US January goods/services imports +0.4%; exports +0.5%
--US December trade deficit revised to $33.2 bln from $33.0 bln
--US January goods trade gap $39.5 bln; December $39.6 bln
--US January oil imports +1.4%; non-oil imports +0.4%
--US January civilian aircraft exports +7.1%
--Ex-civilian aircraft, US January goods exports +0.8%.
--US January trade gap with Japan $5.9 bln; lowest since Jan 2000
--US January trade gap with China $7.2 bln; December $6.1 bln
--US Jan deficit with euro area $4.3 bln; Dec deficit $3.2 bln
--US January deficit with Canada rises to record $5.8 billion
--US January deficit with OPEC nations $4.2 bln; Dec $4.3 bln
--US Jan imported crude petroleum $23.13 bbl, lowest since Dec 1999
By Simon Kennedy
Washington, March 20 (BridgeNews) - The U.S. trade deficit widened
0.2% in January to $33.3 billion, just above expectations, which matched
the revised December trade gap of $33.2 billion. Exports of capital and
consumer goods rose, while imports of consumer goods, automobiles and
industrial supplies also increased.
* * *
The January U.S. trade deficit, the highest since the record September
shortfall, reflected a $39.5-billion deficit in goods and a $6.2-billion
surplus in services.
Exports rose 0.5% as increases in capital and consumer goods shipments
offset declines in shipments of automobiles and industrial supplies.
Imports gained 0.4%. In addition to a bigger U.S. appetite for
automobiles and industrial supplies, the U.S. posted record demand for
foreign household and consumer goods, countering a slide in imports of
capital goods.
The deficit has been largely ignored by financial market participants,
who say it reflects the strong performance of the U.S. economy and the
attractiveness of U.S. assets in recent years and therefore the desire of
foreign investors to deposit capital here.
That line has been echoed by Treasury Secretary Paul O'Neill who has
said he is not "alarmed" by the historically high U.S. deficit.
But the deficit may yet become a concern as the economy slows and the
stock market flounders.
If the economy cools sharply or equities crumble, global money
managers may tire of financing the deficit and decide to shift their funds
elsewhere, thereby unsettling the dollar, stocks and the inflation-wary
Federal Reserve.
Despite the pessimists' outlook, many experts see the deficit topping
out soon as the U.S. economy fades, energy costs pull back and demand from
other nations picks up.
IMPORTS
Petroleum imports climbed 1.4% as volume increased to 9.4 million
barrels per day in January from 9.3 million in December. But the price of
a barrel of crude fell to $23.13, its lowest since December 1999.
The U.S. trade deficit with OPEC countries narrowed slightly to $4.2
billion in January, from $4.3 billion in December.
Excluding petroleum, U.S. goods imports were up 0.4% to a seasonally
adjusted $93.1 billion.
EXPORTS
Civilian aircraft exports rose 7.1% to $1.6 billion. Excluding sales
of civilian aircraft, goods exports were 0.8% above the prior month.
WHAT WAS EXPECTED
The January trade deficit was within the range of analysts'
expectations, which ranged from $31.5 billion to $35.0 billion. The median
estimate for the Sv goods deficit was $39.5 billion, in a range of $34.0
billion to $41.0 billion.
US TRADE GAP WITH SELECTED COUNTRIES
The government does not seasonally adjust the bilateral trade
statistics, so changes in the U.S. trade situation with individual
countries do not fully reflect the overall data, which are seasonally
adjusted.
The January report showed the politically sensitive U.S. trade gap
with Japan narrowed to $5.9 billion--the lowest since January 2000--from
$6.1 billion. The deficit with China widened to $7.2 billion, from $6.1
billion a month earlier.
The trade gap with the 11 euro-area countries was $4.3 billion in
January, up from $3.2 billion in December.
The trade deficit with Canada was a record $5.8 billion.
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