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US trade deficit narrows to near three-year low US trade deficit narrows to near three-year low
(35 minutes later)
The US's trade gap with the rest of the world fell to its lowest level in nearly three years in December. The US trade gap with the rest of the world fell to $38.5bn (£24.3bn) in December, a near three-year low, according to the Commerce Department.
Figures show the trade deficit shrank to $38.5bn. Record overseas sales of petroleum pushed up exports, while imports dropped.
Record petroleum exports helped to push total exports to $186.4bn, up $3.9bn from November. Imports fell $6.2bn to $224.9bn as less overseas crude oil was bought. Crude oil imports fell to the lowest level since 1997 during 2012 as a whole.
The data suggests that the US economy was stronger in the fourth quarter than initially estimated.The data suggests that the US economy was stronger in the fourth quarter than initially estimated.
The 0.1% annualised contraction in gross domestic product (GDP) in the quarter was calculated before these figures were available and were based on projections of a widening trade gap. The figures could result in a revision of the a 0.1% annualised contraction in gross domestic product (GDP) during the quarter, which was initially calculated before these figures were available and were based on projections of a widening trade gap.
Chris Williamson, chief economist at financial information firm Markit, says the latest release shows that "the economy did not fare as badly as the initial GDP estimate suggested in the fourth quarter". "The economy did not fare as badly as the initial GDP estimate suggested in the fourth quarter," said Chris Williamson, chief economist at financial information firm Markit.
"The data also add to an increasingly bright picture of the global economy at the turn of the year," he added. "The data also add to an increasingly bright picture of the global economy at the turn of the year."
For the whole of 2012, the crude oil imports fell to the lowest level since 1997. Total exports rose to $186.4bn, up $3.9bn from November. Imports fell $6.2bn to $224.9bn as less overseas crude oil was bought.
However, during 2012 the country's trade gap with China increased - a fact which rankles with American manufacturers who believe the Chinese benefit from an unfairly weak currency. China trade gap
"Congress and the administration must take on currency manipulation" said Scott Paul, president of the Alliance for American Manufacturing. These figures should add 0.7 percentage points to economic growth during the October-December quarter, according to Jim O'Sullivan, the chief US economist at High Frequency Economics.
That would mean an annual growth rate of 0.6%. The next estimate is due on February 28th.
However, during 2012 the US trade gap with China increased to $315bn - the largest on record with any country.
That fact rankles with American manufacturers who believe the Chinese benefit from an unfairly weak currency.
"Congress and the administration must take action on currency manipulation," said Scott Paul, president of the Alliance for American Manufacturing.