Trade Deficit Increases $2.1 Billion in December
According to the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, and the Department of Commerce, the total December exports were $191.3 billion with imports at $230 billion, bringing the trade deficit up to $38.7 billion, a $4.1 billion increase from November. U.S. exports decreased $4.3 billion to $132.8 billion and U.S. imports increased $0.4 billion to $191.6 billion. The record export levels the U.S. achieved for November were unable to repeat for December to continue the trend of decreasing the trade deficit, despite U.S. imports slowing to an increase of only $0.4 billion from the previous month.
The decrease in U.S. exports in December were realized in industrial supplies, materials, capital goods, automotive vehicles, parts, and engines, and consumer goods. Exports increased in foods, feeds, and beverages. Trade with the European Union increased our trade deficit by $1.2 billion from the previous month as a result of a $2 billion decrease in exports to that region.
U.S. imports increased in consumer goods, industrial supplies and materials, and other goods. U.S. companies imported less with respect to automotive vehicles, parts, and engines, capital goods, and foods, feeds, and beverages. The trade deficit with China decreased from November as imports decreased by $2.6 billion.
Compared to the same month last year, December exports increased in foods, feeds, and beverages, capital goods, automotive vehicles, parts, and engine, as well as consumer goods. For the same time period, U.S. exports decreased in industrial supplies and materials as well as other goods. According to the U.S. Census Bureau, 2013 is the fourth year in a row that U.S. exports have achieved new records.
For more information, visit the Bureau of Economic Analysis for the full release.
Photo: United States Census Bureau