- **Turkey IIP moved to BPM6**
- US: Composite Indexes (Nov)
- US: Philadelphia FRB Business Outlook Survey (Dec)
- Service Survey - United States (Flash - Dec)
- Canada: Employment Insurance (Oct)
- US: Travel and Tourism (Q3)
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Economy in Brief
U.S. Consumer Prices Post Largest Decline Since 2008; Core Prices Moderate
Inflationary pressures remain well contained...
U.S. Current Account Deficit Deepens Slightly
The U.S. current account deficit deepened in Q3'14 to $100.3 billion from $98.4 billion in Q2...
U.S. Mortgage Loan Applications Decline; Interest Rates Little-Changed
The MBA total Mortgage Market Volume Index fell 3.3% last week (-3.9% y/y)...
EMU's HICP Stays 1.7% Below Targeted Pace
The euro area's HICP inflation is up by 0.3% year over year...
U.S. Housing Starts & Building Permits Ease
Housing starts during November declined 1.6% to 1.028 million (AR, +7.5% y/y) from 1.045 million in October...
U.S. Crude Oil and Gasoline Price Declines Continue
WTI crude oil prices declined 9.0% last week to an average $61.11 per barrel (-37.1% y/y)...
by Louise Curley March 12, 2012
China's exports of goods declined a record $28 billion in February and imports increased $14.4 billion leaving the country with a $19.3 billion trade deficit, the largest in recent history and $42.2 billion larger than the deficit in 2011. Total exports, imports and the balance of trade are shown in the attached chart. Trade has usually been disrupted by the Chinese New Year--exports tend to decline and imports to rise around the New Year. Until recently, however, the impact had not been particularly unusual. Last year there was a small trade deficit of $2 billions in February for the first time. This year's big deficit suggests that in the future the impact of the New Year on the economy may continue to be more significant than it has been in the past. But, if this is the case, there is likely to be some make up in the coming months when exports will increase and imports decrease
Data on Chinese trade by country, except for the United States and the European Union, are only available with delays of several months. In addition these data do not include the revisions in the data, that are made in the total trade data. However, the 27 countries of the European Union and the United States make up a significant proportion of China's trading partners. Both the United States and the European Union improved their trade balances with China. The U. S. balance declined $4.9 billion to $15.2 billion in February of this year from $20 billion in January, while that in the EU declined much more, $7.8 billion from $11.7 billion to $3.9 billion. China's exports to the U.S. declined $4 billion in January and and imports from the U. S. 1ncreased $0.7 Billion.& For the EU, exports were down $4.5 billion and imports were up $3.3 billion.
|Feb'12||Jan'11||Feb'11||M/M Chg||Y/Y Chg||2011||2010||2000|
|China Total Trade in Goods|
|Trade With USA|
|Trade With EU|