US TRADE DEFICIT AT LOWEST LEVEL SINCE OCTOBER 2009

The U.S. trade deficit shrank way more than expected, by more than 12% to $US34.3 billion — the lowest level sicne October 2009.

And it’s all bcause of oil imports, which fell 1.9%.

Consensus forecast was for the deficit to have closed to $US40 billion, compared with $US39.3 billion prior.

Imports fell 1.9%, while exports climbed 0.9%.

Deutsche Bank’s Joe LaVorgna is impressed:

Full release »

Here’s the export chart from Markit’s Chris Williamson — we are back at a new nominal all-time high.

Here’s what things have been looking like since 2009.

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