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 | U.S. Trade Gap Shrinks to $38.6 Billion, Lowest in 2 Years  | |
MENAFN - Saudi Press Agency
- 10/02/2013
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(MENAFN - Saudi Press Agency) The U.S. trade deficit narrowed sharply to 38.6 billion in December, the lowest in two years, because exports rose while imports plunged, a government report showed Friday.
The trade deficit fell nearly 21 percent in December from November to 38.6 billion, the Commerce Department said.
Exports rose 2.1 percent to 186.4 billion, the department said. Exports of oil and other petroleum products rose to the highest level on record. Overseas shipments of agriculture goods and aircraft also increased.
Imports shrank 2.7 percent to 224.9 billion, the department said. Oil imports plunged to 223 billion barrels, the fewest since February 1997.
A narrowed trade gap strengthens growth because it means U.S. companies earned more from overseas sales while consumers and businesses spent less on foreign products.
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