US trade deficit drops to 434 billion in October with oil imports

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Martin Crutsinger, The Associated Press Posted Dec 5, 2014 6:37 am MDT FILE – In this Friday, May 16, 2014 file photo, a Maersk Line vessel is guided by a tugboat as it heads into the Port of Miami off of Miami Beach, Fla. The Commerce Department releases international trade data for October on Friday, Dec. 5, 2014. (AP Photo/Lynne Sladky, File) US trade deficit drops to $43.4 billion in October with oil imports falling to 5-year low WASHINGTON – The U.S. trade deficit fell slightly in October as exports rebounded while oil imports dipped to the lowest level in five years.The Commerce Department says the deficit edged down 0.4 per cent to $43.4 billion, down from a revised $43.6 billion in September.Exports climbed 1.2 per cent to $197.5 billion, recovering after a September dip. Imports were up as well, rising 0.9 per cent to $241 billion but that increase was held back by a 0.6 per cent fall in imports of petroleum, which dropped to the lowest level since November 2009. The average price of a barrel of oil dipped to $88.47, the lowest point since February 2011.Through October, the deficit is running 4.8 per cent below the same period in 2013. A lower deficit provides a boost to economic growth.

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