Changes in crude oil and petroleum trade lead to narrowing of US trade deficit

According to the US Energy Information Administration (EIA), changes in crude oil and petroleum products trade account for most of the recent narrowing of the total US trade deficit.

Monthly trade data shows that the value of crude and petroleum products net imports was approximately equal to the value of electronics net imports in November 2013, and close to the value of net imports of both machinery and vehicles and parts. The monthly oil and petroleum trade deficit had significantly exceeded that of other major commodity categories since it broke away from vehicles and parts in 2004.

These four commodity groupings comprise approximately 82% of total net imports for 2013 and represent the four largest categories for both imports and exports last year.

The value of crude and petroleum products imports declined 11% from 2012 to 2013. In contrast, vehicles and parts, and electronics have seen 4% and 2% year on year growth, respectively.

Crude oil was the largest single US import by value among goods in 2013, as it has been for many years.

The value of crude and petroleum exports increased 11% year on year. Meanwhile, total US exports increased approximately 2% year on year, as did electronics. Machinery and vehicles and parts exports were constant.

Adapted from a press release by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/28022014/crude_and_petroleum_product_imports_fall_213/