Home/Commodities/FX

Oil Boosts US Exports Reducing Trade Deficit to Four Year Low

Share Print 0

The US trade deficit narrowed to its lowest level in four years in November, as rising sales of oil pushed US exports to a record high.

The trade gap dropped by 12.9% to $34.3bn (£20.9bn) in November, the smallest monthly deficit since October 2009, the US Commerce Department said.

Imports fell 1.4% from October as a fall in demand for foreign oil offset a record level of imported cars.

Exports rose 0.9%, boosted by a 5.6% rise in petroleum exports.

US exports were also boosted by stronger sales of American-made planes and machinery.

The drop in oil imports was helped by lower global prices.

After peaking at $102 per barrel in September, the average price of a barrel of imported crude oil has been falling. It averaged $94.69 a barrel in November.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top