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Record Overseas Sales Boost U.S. Growth: Economy

Bloomberg - Nov 8, 2012

Exports from the U.S. climbed to a record in September, contributing to an unexpected decline in the trade deficit that gave the world’s largest economy a boost at the end of the third quarter.

The gap shrank 5.1 percent to $41.5 billion, the smallest since December 2010 and lower than any estimate in a Bloomberg survey of economists, Commerce Department figures showed today in Washington. The gain in sales to overseas buyers was broad- based, with improvement in everything from soybeans to fuel and civilian aircraft.

Growing demand from emerging markets in South and Central America may be helping to overcome a slowdown in Europe and China that is hurting companies such as Emerson Electric Co. (EMR) At the same time, U.S. consumers are spending more as the job market stabilizes, boosting the inflow of goods made abroad as retailers restock in advance of the year-end holidays.

“The outlook in emerging markets is stronger than in Europe, and that’s where we would expect to see export growth,” said Jeremy Lawson, senior U.S. economist at BNP Paribas in New York, who projected the gap would decline to $42 billion, matching the lowest among economists surveyed. “Consumer goods imports were strong. Some of that may be in preparation for holiday shopping. The picture is getting better there.”

Read Full Article from Bloomberg

- Posted: 2012-11-08 13:11:11


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