Trade Deficit

The U.S. Department of Commerce released the details on the trade deficit of goods and services for the month of December 2007 and the complete year. The deficit for December decreased from November by $4.3 billion. The trade deficit for 2007 decreased from $758.5 billion to $711.6 billion. This was the first decline in the trade deficit since 2001.
The weaker dollar led to a fall in imports in December. Automobile imports led the way decreasing by $2.1 billion. This offset the increase in Crude Oil imports of $1.6 billion.

The U.S. had the largest trade deficit with China at $18.8 billion for the month and $256.3 billion for the year. Japan was next at $6.6 billion for the month and $82.8 billion for the year. Mexico was third at $6.5 billion for the month and $74.3 billion for the year. Canada was fourth at $4.7 billion for the month and $64.2 billion for the year.

The trade deficit is now around the same level it was at during 2005.

Sphere: Related Content