US Oil Exports Help Reduce Trade Deficit

Mar 31, 2013 | by Franck Cushner, CFP®

Record petroleum exports helped shrink the U.S. trade deficit in December to the smallest in almost three years. The trade deficit narrowed to $38.5 billion, with exports rising to $186.4 billion, and imports falling to $224.9 billion.

Petroleum exports, a growing component of U.S. exports, climbed $11.6 billion from the previous period as reported by the Department of Commerce.

Other U.S. products bound for exportation worldwide include capital equipment and industrial materials. Capital equipment includes aircraft, electronics, and agricultural equipment. Industrial materials include coal, wood, textiles, and chemicals.

The U.S. is not only a provider of finished goods and products, but is also a supplier of raw materials used for construction and infrastructure by growing economies worldwide.

 

Sources:                                 Commerce Department

 

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