Posted on 11/12/2004 6:39:20 AM PST by 1rudeboy
By Christopher Swann in Washington
Published: November 10 2004 13:51 | Last updated: November 10 2004 13:51
The US trade deficit narrowed unexpectedly in September, reflecting a fall in energy imports and a pick up in exports, according to data released on Wednesday.
The trade shortfall fell by $1.9bn to $51.6bn, compared with forecasts of a deficit of about $53.5bn.
The figures pointed to a stronger performance by US exporters. Exports of goods climbed by $900m to $68.9bn, offsetting a $100m fall in service exports to $28.5bn. Sales of semiconductors, computers and food were particularly strong.
HSBC said the improvement in the trade position could lead to an upward revision to economic growth in the third quarter from 3.7 per cent to 4 per cent.
In addition to the rise in exports, the deficit was reduced by a fall in energy imports. Despite a 3.5 per cent rise in the price of energy per unit, the total import bill fell by $500m to $124.5bn due to a 10 per cent decline in volumes. Imports of pharmaceuticals, semi-conductors and computers also fell.
Economists said the figures were encouraging but many expect the deficit to widen again, since US growth continues to outpace the expansion in Japan or the eurozone.
Goldman Sachs dismissed suggestions that the improvement in September was due to the hurricanes in the south-east of the US, pointing out that most ports were unaffected. But in a research note published on Tuesday it said the report was unlikely to signal a turning point in the trade deficit.
The figures did little to help the dollar, which has been edging to new lows against the euro. On Wednesday, the euro hit a record high against the dollar at $1.305 before falling back to around $1.29.
Analysts have become increasingly pessimistic over the outlook for the dollar after the currency failed to rally in response to there-election of President George W. Bush and a dramatic improvement in the employment figures. The strong jobs figures at the end of last week were seen as a mixed blessing for the dollar, increasing confidence in robust growth and higher investment returns but also underlining that the deficit may expand further if US growth accelerates.
Many economists say the dollar will increasingly be dragged down by the bloated US current account deficit, despite interest rate rises by the Federal Reserve.
Import prices for October were also released yesterday showing a 1.5 per cent rise in October. This largely reflected an 11.7 per cent rise in petroleum prices.
You mean how globalism reduces productive capacity to drive up prices for those commodities?
You happen to have any real world examples where globalism has driven up the price of a commodity?
Oil.
Yep.
So do you have any stats that show that oil production has fallen? Or are you making stuff up again?
Didn't see anything in that post about falling oil production. Try again.
snip..Shell Oil Products announced Thursday it will close down a refinery in Bakersfield next year because of the decreasing supply of crude oil in the area
Evidence Shows Shell to Demolish Profitable Refinery, Drive Up Gas Prices
Nothing in this post about oil production.
The Great Refinery Shortage, America needs oil
Another post about refining, not about oil production
Still nothing about declining oil production, let alone that it was caused by globalism. Come on Willie, you can do better.
Refineries have nothing to do with oil production?
LOL! No wonder you're on my "idiots who aren't worth responding to" list.
No Willie, oil comes from oil wells. Refineries take that oil and turn it into gasoline, heating oil and other useful products.
So, when you start the name calling, is that the signal that you don't have any real data about declining oil production caused by globalism?
"On the flip-side, it will be more expensive for Americans to travel abroad."
Let the broad pay her own way, LOL! ;)
We just returned from Puerto Vallarta, Mexico and received 11.5 pesos to the American dollar. The Pound as 19 to 1! (There were quite a few Aussies and English there, actually.) We lived like kings for the week and spent waaaaay too many of those pesos on Corona. *Hic*
This good news was unexpected. I blame President Bush! :)
Venezuela endeavors to increase oil exports to China
China now largest Saudi oil client
Saudi Arabia cuts oil sales to U.S., ups China
China Looks to Latin America for Potential Oil Supplies
The restrictions placed on domestic production and refining capacity, coupled with increased Chinese demand, have increased the global price of oil.
Globalism is the cause of increasing oil prices, just like I told you.
The price of oil has been falling lately. Does that mean that globalization is diminishing?
So, you meant to say that globalism reduces American productive capacity to drive up the price of oil?
Globalism is the cause of increasing oil prices, just like I told you.
I guess I should ask what your definition of globalism is.
"Globalism" embraces a wide variety of agendas that collectively contribute to undermining our national sovereignty, liberty, freedom and independence.
Transnational corporatism and global governance (as advanced by the United Nations and allied NGOs) are seemingly opposing globalist forces. But neither has the best interests of the American People at the top of their priority list.
OK. So, how did globalism cause us to close ANWR and block some off shore drilling? And how did globalism cause Chinese demand for oil to increase?
And isn't your point about globalism that it decreases global production? I haven't seen any decrease in global production.
There. That's better.
Actually Willie oil comes out of the ground..Shortages in refineries are due to the ever loving greenies and"not in backyard" types.
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