by Calculated Risk on 2/05/2021 10:50:00 AM
Friday, February 05, 2021
Trade Deficit Decreased to $66.6 Billion in December
From the Department of Commerce reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $66.6 billion in December, down $2.4 billion from $69.0 billion in November, revised.
December exports were $190.0 billion, $6.2 billion more than November exports. December imports were $256.6 billion, $3.8 billion more than November imports.
...
For 2020, the goods and services deficit increased $101.9 billion, or 17.7 percent, from 2019. Exports decreased $396.4 billion or 15.7 percent. Imports decreased $294.5 billion or 9.5 percent. emphasis added
Both exports and imports increased in December.
Exports are down 10.2% compared to December 2019; imports are unchanged compared to December 2019.
Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports much more than exports),
The second graph shows the U.S. trade deficit, with and without petroleum.
Note that the U.S. exported a slight net positive petroleum products in recent months.
Oil imports averaged $38.30 per barrel in December, up from $35.68 per barrel in November, and down from 51.48 in December 2019.
The trade deficit with China increased to $27.2 billion in December, from $24.83 billion in December 2019.