Marketplace   Menu Guide   Complete Pages      
butler eagle
Site last updated: Friday, December 26, 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 Tomorrow's Headlines
arrow Police seek info on softball field vandalism
arrow Legislators share ideas to balance Pa. budget
arrow Coroner is always waiting for call
 
MOST READ ARTICLES
arrow Ex-school worker charged with having sex with student
arrow Firefighters quickly put out fire in city
arrow Family rescues man pinned by fallen tree
arrow 'Words can't describe it' Residents rally around family