Friday, February 05, 2021

Trade Deficit Decreased to $66.6 Billion in December

by Calculated Risk on 2/05/2021 10:50:00 AM

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
U.S. Trade Exports Imports Click on graph for larger image.

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.

U.S. Trade Deficit The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

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.