US DATA: Jan trade bal -$46.3b as imports +$10.5b and exports
+$4.4b. In imports more than $3b of the gain was oil-related, autos
posted +$2.7b, and machinery and apparel advanced. Oil price was +5.7%
to $84.34/bbl on avg, a high since Oct’08, and prices are still gaining.
In exports civ aircraft was -$939m and pharma -$762m; most of the gains
were knock-on effects from higher oil prices and auto parts. Real Jan
trade gap stands 9% wider than the Q4 avg, should cut about 0.2pt from
Q1 GDP growth. NSA bals by country: China -$23.2b vs -$20.7b in Dec,
Japan -$5b vs -$5.9b, OPEC -$9.95b (as imports surged to $14.2b, a high
since Oct’08) vs -$8.3b. Bottom line is the worse trade bal was due to
more than oil and probably shows economic recovery effects as well.