by Calculated Risk on 2/05/2020 08:39:00 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 $48.9 billion in December, up $5.2 billion from $43.7 billion in November, revised.

December exports were $209.6 billion, $1.6 billion more than November exports. December imports were $258.5 billion, $6.8 billion more than November imports.

Click on graph for larger image.

Both exports and imports increased in December.

Exports are 27% above the pre-recession peak and up 2% compared to December 2018; imports are 11% above the pre-recession peak, and down 3% compared to December 2018.

In general, trade both imports and exports have moved more sideways or down recently.

The second graph shows the U.S. trade deficit, with and without petroleum.

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 $51.48 per barrel in December, down from $51.92 in November, and up from $50.26 in December 2018.

The trade deficit with China decreased to $24.8 billion in December, from $36.8 billion in December 2018.