This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-25216552
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| US trade gap narrows in October as oil exports surge | US trade gap narrows in October as oil exports surge |
| (35 minutes later) | |
| The US trade gap narrowed in October, as rising sales of oil pushed US exports to a record high, the US Commerce Department has said. | The US trade gap narrowed in October, as rising sales of oil pushed US exports to a record high, the US Commerce Department has said. |
| The trade deficit shrank to $40.6bn (£24.8bn) from $43bn in September, a drop of 5.4%. | The trade deficit shrank to $40.6bn (£24.8bn) from $43bn in September, a drop of 5.4%. |
| Exports were up 1.8%, while petroleum exports rose 9.3% as the US promoted domestic oil production. The increase broke three months of falling exports. | Exports were up 1.8%, while petroleum exports rose 9.3% as the US promoted domestic oil production. The increase broke three months of falling exports. |
| Imports rose by just 0.4% while oil imports were 1.5% higher. | Imports rose by just 0.4% while oil imports were 1.5% higher. |
| The figures showed US exports to China hit a record high as its trade gap with the Asian power narrowed. | The figures showed US exports to China hit a record high as its trade gap with the Asian power narrowed. |
| Exports to Canada and Mexico also reached a new high, but imports from the European Union increased and the US's trade deficit with the EU hit a record. | Exports to Canada and Mexico also reached a new high, but imports from the European Union increased and the US's trade deficit with the EU hit a record. |
| Analysts say the smaller trade deficit, which was broadly in line with expectations, would help the US economic recovery. | Analysts say the smaller trade deficit, which was broadly in line with expectations, would help the US economic recovery. |
| It suggests American firms are selling more products abroad while buying less from foreign competition. | It suggests American firms are selling more products abroad while buying less from foreign competition. |
| In the US, the domestic oil boom has been due mostly to fracking, a new technique used to get oil from shale deposits in locations such as North Dakota and Texas. | |
| But the technology has come under fire by critics concerned about the environmental impacts of the procedure. | |
| The US Energy Information Administration says imports now make up 40% of US oil consumption - down from the 60% peak reached in 2005. |