America’s trade balance shrunk 20.7 per cent in December.
The gap was much narrower than expected.
Why? The changing oil picture.
Crude exports, which set an all-time record at $6.5 million.
Here’s the chart for December exports, going back to 1994, the most recent year for which data is available:
Meanwhile, imports continue to plummet.
Overall 2012 barrels imported declined to 3.1 billion, the lowest level since 1997:
The overall 2012 petroleum product deficit shrunk 15 per cent to -$128,442,0000. The value of petroleum exports grew +7.8 per cent, while import values declined -7.7 per cent.
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