Crude oil drove trade deficit decline

The U.S. goods and services trade deficit declined 1.7% to $616.8B in 2019, its first annual decrease since 2013, according to U.S. Census Bureau annual data on the international trade balance. Some of the primary aspects of trade activity between the U.S. and its partners over the last year occurred in crude oil, according to the U.S. International Trade in Goods and Services report. A decline in imports, accompanied by a major rise in exports, played a role in lowering the U.S. trade deficit. Crude oil exports increased 35.5% ($17.1B) compared to the same period in 2018. Crude oil imports decreased 19.3% ($30.3B) over 2018. Additional changes in trade from 2018 to 2019 occurred in the categories of automobiles, pharmaceuticals, corn and commercial jets. The largest decline in 2019 exports over the prior year occurred in civilian aircraft falling 22% to $44.0B, followed by petroleum products that declined 11.9% to $56.4B. (Source: US Census Bureau 02/26/20) https://www.census.gov/library/stories/2020/02/new-annual-data-show-first-trade-deficit-decrease-since-2013.html?utm_campaign=20200226msacos1ccstors&utm_medium=email&utm_source=govdelivery