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February 07, 2017US TRADE BALANCE DECEMBER and ANNUAL 2016 DECEMBER
In December, the US deficit in goods and services trade narrowed by $1.5 billion to $44.3 billion. Goods exports rose $4.8 billion while goods imports increased $3.6 billion. There was also a slight improvement in the service trade surplus ($0.3 billion).
ANNUAL
On an annual basis, the US posted a trade deficit of $502.3 billion, an increase of $1.9 billion over the trade deficit in 2015. The increase in the US trade balance is primarily the result of services imports increasing faster than services exports (+$14.4 billion), while goods exports declined slower than goods imports ($12.5).
US TRADE HIGHLIGHTS 2016
- The 2016 deficit with Vietnam ($32.0 billion) was the highest on record.
- The 2016 deficit with Italy ($28.5 billion) was the highest on record.
- The 2016 deficit with Malaysia ($24.8 billion) was the highest on record.
- The 2016 deficit with India ($24.3 billion) was the highest on record.
- The 2016 deficit with Canada ($11.2 billion) was the lowest since 1993 ($10.8 billion).
- The 2016 deficit with Russia ($8.7 billion) was the lowest since 2003 ($6.2 billion).
- The 2016 import average price per barrel of crude oil ($36.09) was the lowest since 2004 ($34.48).
US Census Bureau, US Bureau of Economic Analysis
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