Chillin' out till it needs to be funded
The country’s total merchandise exports aggregated $246 billion, growing by an impressive 37.55% in the previous fiscal. Imports in the fiscal 2010-11 were $350 billion, down by 21.6%, and the trade deficit was $104 billion. Moneylife.in May 14th
Monthly deficit has been below $21 bln and averages less than $9 bln esp because imports were down significantly from 2009-10
The U.S. trade deficit unexpectedly contracted in April to its lowest level of the year, as exports hit a new high and purchases of oil fell off sharply amid a surge in prices.
Separately, U.S. workers filed slightly more new claims for jobless benefits last week, another sign of persistent weakness in the economy.
The U.S. deficit in international trade of goods and services declined 6.7% to $43.68 billion from a downwardly revised $46.82 billion the month before, the Commerce Department said Thursday. The March trade gap was originally reported as $48.18 billion.
The April deficit was much smaller than Wall Street expectations, with economists surveyed by Dow Jones Newswires having predicted a $48.3 billion shortfall.
A rebound in oil prices to levels not seen since the 2008 spike erased the modest reduction in the trade gap from late last year. But Nymex crude futures have settled back to around $100 a barrel after surging to nearly $115 a barrel in early May.
Marketwatch reports the deficit was down by the $3.1 billion as Japan’s quake meant imports from Japan were lower by $8.8 bln and were obviously not replaced by equal additions from other suppliers esp those in Kanto supplying automotive parta