CALIFORNIA BUSINESS MINUTE
International Trade
01-13-12
Hi, I am Tim Johnson and welcome to the California Business Minute.
The nation’s international trade deficit in goods and services increased to
$47.8 billion in November from $43.3 billion (revised) in October, as imports
increased and exports decreased according to a the monthly report issued by
the US Dept of Commerce.
The trade deficit widened sharply due to a large jump in oil imports and a dip
in exports. The latest shortfall was much more negative than the consensus
forecast for $45.0 billion. Exports declined 0.9 percent after dipping 0.7
percent in October. Imports rebounded 1.3 percent in November, following a 1.0
percent decline the prior month.
The worsening in the trade gap was led by the petroleum gap which expanded to
$27.6 billion from $24.2 billion in October. The nonpetroleum goods deficit
widened to $34.8 billion from $33.2 billion the month before. Several factors
were behind this, including a drop in exports of nonmonetary gold and a boost
in automotive imports. The services surplus was slightly improved at $15.4 billion
from $15.3 billion in October.
Analysts identify that this monthly report is moderately complex. The increase in
the deficit cannot be attributed to any one factor, such as a surge in oil
imports, imports of auto specifically from Canada by US auto makers and a
weakness in European exports
California exports continue at a healthy clip for the month at $14.8 billion for
a Year-To-Date total of $145,000 billion. This exceeds the 2010 total. This
included $8.56 billion in manufactured products, $2.1 billion in non-manufactured
products and $3.36 billion in re-exports for the month. Meanwhile imports
increased but continued their increase $32 billion slightly up from October for a
year to date total of $321 billion. This included $27.7 billion in manufactured
products and $4.4 billion in non-manufactured products for the month.
I am Tim Johnson and this has been the California Business Minute.
|
