The U.S. monthly international trade deficit decreased in December 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $48.6 billion (revised) in November to $38.5 billion in December, as exports increased and imports decreased. The previously published November deficit was $48.7 billion. The goods deficit decreased $9.4 billion from November to $56.2 billion in December, and the services surplus increased $0.7 billion from November to $17.7 billion in December.
Exports
Exports of goods and services increased $3.9 billion in December to $186.4 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.
- The increase in exports of goods was more than accounted for by an increase in industrial supplies and materials. Decreases in capital goods, automotive vehicles, parts, and engines, and consumer goods were partly offsetting.
- The increase in exports of services mostly reflected increases in other transportation, which includes freight and port services, other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, passenger fares, and travel.
Imports
Imports of goods and services decreased $6.2 billion in December to $224.9 billion, mostly reflecting a decrease in imports of goods. Imports of services also decreased.
- The decrease in imports of goods mostly reflected decreases in industrial supplies and materials, automotive vehicles, parts and engines, and other goods.
- The decrease in imports of services was more than accounted for by decreases in travel and other transportation. Increases in passenger fares and other private services were partly offsetting.
Goods by geographic area (not seasonally adjusted)
- The goods deficit with China decreased from $29.0 billion in November to $24.5 billion in December. Exports decreased $0.2 billion to $10.4 billion, while imports decreased $4.7 billion to $34.8 billion.
- The goods deficit with the European Union decreased from $12.2 billion in November to $8.7 billion in December. Exports increased $0.2 billion to $21.6 billion, while imports decreased $3.2 billion to $30.3 billion.
- The goods deficit with Mexico decreased from $4.9 billion in November to $3.9 billion in December. Exports decreased $2.4 billion to $16.4 billion, while imports decreased $3.4 billion to $20.3 billion.
To learn more about U.S. international trade in goods and services, read the full report.