CHART OF THE DAY: Here's How To Cut The Trade Deficit In Half Right Now

button more charts
button chart prev
button chart next

It’s simple. All you have to do is eliminate oil imports from the trade deficit.

As this chart from Calculated Risk shows, based on today’s data, eliminating our net petroleum imports would reduce the trade deficit from around $40 billion to closer to $20 billion.

Crudely annualizing this difference to $240 billion would represent a 1.7% boost to GDP of around $14 trillion.

chart of the day, trade deficit, dec 2010

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.