Sean Gallup/Getty Images
Industryweek 8208 Shipping2
Industryweek 8208 Shipping2
Industryweek 8208 Shipping2
Industryweek 8208 Shipping2
Industryweek 8208 Shipping2

US Trade Gap Widens to Highest Level Since 2012

Feb. 5, 2015
Overall in December, imports, excluding petroleum products, rose 2.2% to $241.4 billion. Exports fell 0.8% to $194.9 billion.

The trade deficit in the U.S. took a big leap in December, hitting its highest level in more than two years.

The Commerce Department report shows a hike of 17.1% to $46.6 billion. The percentage is the biggest jump since July of 2009.

That number could be revised down on lower energy costs, but according to Reuters, is still way off from analysts’ forecasts.

Overall in December, imports, excluding petroleum products, rose 2.2% to $241.4 billion. Exports fell 0.8% to $194.9 billion

One area making gains in exports is energy. Exports of petroleum products added $8.1 billion while imports fell by $35.6 billion. API Chief Economist John Felmy says the sector is transforming the trade balance:

“We’re importing less oil than at any time in nearly 30 years, consumers are saving billions on energy, and tens of thousands of U.S. workers have jobs producing petroleum and petroleum products for export. Growth in the U.S. oil and natural gas industry served as the central pillar of U.S. strength in the international market last year, helping to offset categories of trade where U.S. businesses lost ground.“

A breakdown of some key markets shows the monthly U.S. goods deficit with China grew in December to $30.4 billion, up from $29.9 billion in November.

In trade with Japan, the U.S. goods deficit rose in December to $5.7 billion, up from $5.5 billion in November.

Exports also dipped slightly to Canada and Mexico.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!