Marketplace   Menu Guide   Complete Pages      
butler eagle
Site last updated: Saturday, September 20, 2014 Bookmark our site!
Local PennsylvaniaNationalInternationalNews Extras  
Published: February 7, 2013 print this article Print save this article Save email this article Email ENLARGE TEXT increase font decrease font

Steep drop in oil imports shrinks U.S. trade deficit



WASHINGTON — The U.S. trade deficit narrowed sharply in December because oil imports plummeted and total exports rose.
The smaller trade gap means the economy likely performed better in the final three months of last year than first estimated last week.
The Commerce Department says the trade deficit fell nearly 21 percent in December. That left the trade deficit at $38.6 billion, the smallest in nearly three years.
Exports rose 2.1 percent to $186.4 billion. Exports of oil and other petroleum products rose to the highest level on record.
Imports shrank 2.7 percent to $224.9 billion. Oil imports plunged to 223 billion barrels, the lowest since February 1997.
A narrower trade gap boosts growth because it means U.S. companies earned more from overseas sales while consumers and businesses spent less on foreign products.





Back
Comments
Order Photos!
 
MORE NEWS HEADLINES
arrow Officials out early searching for police killer suspect
arrow Contract talks go on for joint police force
arrow Blowouts, close calls dominate Friday football
arrow Long funeral procession shows love of young boy
 
MOST READ ARTICLES
arrow Summit Twp man charged in child sex case
arrow Boy, 4, dies of injuries from ATV accident
arrow Wasn’t raised that way
arrow POLICE REPORTS