- Prior -40.1bn revised to -39.99bn
- Exports -1.5% vs +0.3% in August
- Imports +0.1% unch
- OPEC trade def 3.55bn vs 3.17bn prior. Oil import price $92.54 vs $96.32. -9.3% y/y
US international trade breakdown 04 11 2014
A 5 month low for exports and the data highlights the global slowdown. Imports and exports to/from the EU are a long way from recovering.
The worry is that these numbers are going to weigh on GDP. Trade makes up around 1.3 percentage points of GDP. This might play out in the revisions later this month.
USD/JPY took a spill to 113.35 but has recovered 10 pips.
US imports/exports 04 11 2014
We’ve been largely devoid of US bigwigs talking about the recent currency moves but this will be playing a part in trade data.
