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ECON: Trade Deficit Narrower Than Expected, Oil Deficit Lowest Since 1997
Posted to: Micro News
Friday, February 8, 2013 8:41 AM

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- Trade Deficit $38.54 bln, narrowest since Jan 2010
- Exports +2.1 pct vs +1.0 last month
- Imports -2.7 pct vs +3.7 pct last month
- Opec deficit $3.4 bln vs $6.6
- Petroleum deficit lowest since August 2009
- Crude Imports lowest since Feb 1997
- Total 2012 deficit $540 bln vs $559.9 bln in 2011

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $186.4 billion and imports of $224.9 billion resulted in a goods and services deficit of $38.5 billion, down from $48.6 billion in November, revised. December exports were $3.9 billion more than November exports of $182.5 billion. December imports were $6.2 billion less than November imports of $231.1 billion.

In December, the goods deficit decreased $9.4 billion from November to $56.2 billion, and the services surplus increased [forwardfullbody].7 billion from November to $17.7 billion. Exports of goods increased $3.3 billion to $132.6 billion, and imports of goods decreased $6.1 billion to $188.8 billion. Exports of services increased [forwardfullbody].6 billion to $53.8 billion, and imports of services decreased [forwardfullbody].1 billion to $36.1 billion.

The goods and services deficit decreased $13.2 billion from December 2011 to December 2012. Exports were up $8.6 billion, or 4.9 percent, and imports were down $4.6 billion, or 2.0 percent.

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