US trade deficit shrinksDecember 10th, 2011 - 11:30 am ICT by IANS
Washington, Dec 10 (IANS/EFE) The US trade deficit declined 1.6 percent in October to $43.46 billion, its lowest level this year, the Commerce Department said Friday.
The cumulative trade deficit for the first 10 months was $465.22 billion, compared with $420.73 billion in the same period of 2010.
US exports of goods and services fell 0.8 percent in October to $179.17 billion, while imports dropped 1 percent to $222.64 billion, the Commerce Department said.
The value of US capital goods exported in October, $42.3 billion, is the highest on record, the department said, while exports to China and Latin America also reached unprecendented levels.
Those figures suggest that rising demand for US products and services in developing countries could offset the effect on exports of an expected recession in Europe.
Imports of crude oil account for 58 percent of the US trade deficit through Oct 31, the Commerce Department said.
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