RandomGuy
02-11-2009, 09:52 AM
WASHINGTON (AFP) – The US trade deficit narrowed to 39.9 billion dollars in December, the third consecutive month of a shrinking gap amid a sharp global economic slowdown, government data showed Wednesday.
The seasonally adjusted December US trade deficit fell 4.1 percent from November, the Commerce Department reported. It was the smallest deficit since February 2003, but higher than analysts' consensus forecast of a 35.5 billion dollar gap.
For the full-year 2008, the US trade deficit fell 3.3 percent to 677.1 billion dollars from the prior year, the second year in a row the shortfall has fallen, after a decline of 7.0 percent in 2007. The last time there was back-to-back annual decline was in 1990-1991.
The US trade balance continued a months-long trend of a sharper fall in imports than exports. Imports plunged 6.0 percent in December from November, to 133.8 billion dollars, while exports dropped 5.5 percent to 173.7 billion dollars.
Overall December trade volume shrank 5.7 percent from November.
A decline in oil imports that began in July was less sharp in December than in previous months, with a drop of 6.7 percent to 22.3 billion dollars.
The average price of a barrel of imported oil fell again, to 49.93 dollars, its lowest level since December 2005.
The trade gap with Canada, the United States's largest trading partner, continued to shrink in December, falling to 2.8 billion dollars, a low last seen in June 1999.
With China, the nation's number-two trade partner, the deficit shrank for the second consecutive month, to 19.9 billion dollars, with imports plunging 11.3 percent from November.
The seasonally adjusted December US trade deficit fell 4.1 percent from November, the Commerce Department reported. It was the smallest deficit since February 2003, but higher than analysts' consensus forecast of a 35.5 billion dollar gap.
For the full-year 2008, the US trade deficit fell 3.3 percent to 677.1 billion dollars from the prior year, the second year in a row the shortfall has fallen, after a decline of 7.0 percent in 2007. The last time there was back-to-back annual decline was in 1990-1991.
The US trade balance continued a months-long trend of a sharper fall in imports than exports. Imports plunged 6.0 percent in December from November, to 133.8 billion dollars, while exports dropped 5.5 percent to 173.7 billion dollars.
Overall December trade volume shrank 5.7 percent from November.
A decline in oil imports that began in July was less sharp in December than in previous months, with a drop of 6.7 percent to 22.3 billion dollars.
The average price of a barrel of imported oil fell again, to 49.93 dollars, its lowest level since December 2005.
The trade gap with Canada, the United States's largest trading partner, continued to shrink in December, falling to 2.8 billion dollars, a low last seen in June 1999.
With China, the nation's number-two trade partner, the deficit shrank for the second consecutive month, to 19.9 billion dollars, with imports plunging 11.3 percent from November.