US DATA: Sept trade bal -$44.0b (vs rev -$46.5b Aug) as imports -$2b and
exports +$0.5b. This improvement was better than the steady real trade
gap the Commerce Dept assumed for Sept in the GDP accounts and will add
to growth. Imports incl: -$1.9b consumer goods (pharma, apparel, gems
fell) and autos -$1.4b, offset by +$658m crude oil (unit prices was
-$1.11/bbl so this implies more demand). In exports, civ aircraft +$698m
and jewelry +$228m but nonmonetary gold -$652m was an offset. NSA bal by
country: China -$27.8b vs -$28b Aug, Japan -$5b (lowest since July) vs
-$5.8b, OPEC -$8.9b vs -$9b. Trade is recovering with growth as exports
reached a new high and imports of services reached a high since Oct’08.
But a bottom line is that the trade gap remains too wide and is creating
global imbalances as China continues to export to the US.