Trade Deficit Narrows on Import Decline Led by Crude Oil; Exports Up Again
The monthly trade deficit fell by over 20 percent from November 2012 levels to $38..5 billion in December on a significant rise in exports paired with an even sharper fall in imports, said the Census Bureau and Bureau of Economic…
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Analysis in their U.S. International Trade in Goods and Services Report for December 2012. The report showed that, as compared to revised November 2012 levels, exports were up $3.9 billion to $186.4 billion, and imports fell by $6.2 billion to $224.9 billion. Lower crude oil imports made up over half of that decline, or $3.3 billion. As compared to December 2011 totals, exports increased by 4.9 percent, and imports were down 2 percent.