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The trade deficit in goods and services increased by the highest margin on record ($6.8 billion) to $46.6 billion in December, a 17.1% increase from November ($39.8 billion, revised). The increase in the deficit reflects a decrease of $1.5 billion in exports and an increase of $5.3 billion in imports. Among the drivers for the increase in imports are record highs for non-petroleum imports ($173.2 billion) and imports of services ($41.2 billion). To view the full release, please click here.
Our “Annual Trade Highlights” page provides information changes from the previous year on both a percentage and dollar basis, and also indicates the last time a larger change occurred. For example, the percent change in the goods and services balance was the highest since the change from 2010-2011 at 6.0%. 2014 also saw record highs for exports of goods and services ($2.3 trillion), exports of goods ($1.6 trillion) and the lowest quantity of crude oil imports (2.7 billion barrels) since 1993 (2.5 billion barrels).
The U.S. had record trade deficits with China ($342.6 billion) and the European Union ($141.1 billion) in 2014 while having record surpluses with South/Central America ($34.4 billion) and Singapore ($14.1 billion). These are just some of the highlights; you can see the complete list on our “Annual Trade Highlights” page here.
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