The US Trade Deficit Drops
According to the Commerce Department, the US trade deficit has dropped by 21%. It is the lowest that the US trade market has met in two years. With the resurgence in the investment of petroleum exports and commercial jetliners, the trade deficit has been molded into $38.5 billion from $48.6 billion.
Economists had predicted that the trade deficit would fall to $45.5 billion. This shows that the US economy did not fall in the fourth quarter. It actually grew. This can be attributed to the trade deficit from October to November. The trade is not as huge as was expected. Lower the trade deficit more is the economic growth for the US.
The global trade does not provide a positive picture for the US trade. Keeping the petroleum aside, the US exports have not marked any success. Even in petroleum products, the U. S. exported $11.6 billion but crude imports by the barrel fell to the least amount since 1997. The US imported more petroleum.
For the US, oil and natural gas, and petroleum exports increased by $1 billion during the month. The head of economics at Renaissance Macro Research, Neil Dutta, said, "U. S. domestic energy production is becoming an increasingly important part of the global re-balancing theme".
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