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Wednesday March 10, 01:26
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U.S. January Trade Deficit Seen at $42 Bln, Above 2003 Average
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The U.S. trade deficit may have eased to $42 billion in January, still exceeding last year's monthly average as consumer demand and higher energy costs raised imports, a survey showed in advance of today's government report.
The expected gap of $42 billion, the median forecast of 63 economists in a Bloomberg News survey, compares with deficits of $42.5 billion in December and a record $43 billion in March 2003. The deficit averaged $40.8 billion a month last year on its way to an annual high of $489.4 billion. The report is scheduled for 8:30 a.m. at the Commerce Department in Washington.
A jump in oil prices, efforts by companies to restock depleted inventories, and further gains in consumer purchases of autos, electronic goods and other products from foreign countries probably buoyed imports in January. Exports likely rose as well given the dollar's 9.6 percent decline against a basket of six major currencies in the past 12 months, economists said.
``With growth abroad picking up and the dollar weakening, we expect the trade balance will eventually start to improve,'' said Joseph Abate, senior economist at Lehman Brothers in New York.
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