December Trade Deficit: $38.5 billion. The trade gap narrowed by 20.7% from November as petroleum imports fell to the lowest level since 2007. That is huge news for politicians claiming energy independence. And there is more gold in this report, including 4Q GDP revised higher to around .3% growth, a manufacturing uptick and best of all the energy independence could boost the nations long term growth rate (so says the WSJ). America is on a great path, unfortunately this report will never sustain these results and next month’s will be back to more usual $45 billion readings. But this could be a nice start for 2013. Over the past year, exports are up 4.9% and imports are down 2%.
Exports: $186.4 billion +$3.9 billion, +2.1%
Imports: $224.9 billion -$6.2 billion, -2.7%