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Thursday, February 5, 2015

U.S. Foreign Trade Deficit Widened in December as Petro Deficit Grew

The U.S. international trade deficit in goods and services increased $6.8 billion to $46.6 billion in December, due to an increase in the petroleum deficit.

The goods deficit rose by $6.9 billion to $66.0 billion, the service surplus increased $100 million to $19.5 billion, and the petroleum deficit widened $3.1 billion to $14.7 billion.

Exports decreased by $1.5 billion to $194.9 billion, primarily due to a $2.1 billion decline in goods exports driven by lower industrial supplies and materials. Exports of services increased $1.0 billion to $60.6 billion.



Imports increased by $5.2 billion to $241.4 billion, primarily driven by a $4.4 billion increase in goods imports to $200.3 billion. The increase was driven by a $2.7 billion increase in industrial supplies and materials imports. Imports of services increased $900 million to $41.2 billion.

For 2014, the goods and services deficit was $505.0 billion, up $28.7 billion from $476.4 billion in 2013. Exports were $2,345.4 billion in 2014, up $65.2 billion from 2013. Imports were $2,850.5 billion in 2014, up $93.9 billion from 2013.

The deficit with China increased by $23.9 billion to $342.6 billion in 2014, as imports increased to nearly four times the value of exports.

Read the Census Bureau release.
Read the full report.

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