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U.S. Trade Gap Narrowed in 2013
America's trade deficit shrank last year to a four-year low of $471.5 billion from $534.7 billion in 2012, according to the U.S. Dept. of Commerce.
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America's trade deficit shrank last year to a four-year low of $471.5 billion from $534.7 billion in 2012, according to the U.S. Dept. of Commerce.
The department says exports of cars, capital equipment, consumer goods and foods set record highs in 2013.
America's trade gap with China set a fourth consecutive record, expanding 1% to $318.4 billion in 2013. Exports of U.S. petroleum products surged 11% to a record $137 billion. Imports of such products fell 11% to a three-year low of $369.3 billion.
Last year's improvement came in spite of a 12% increase in the trade gap from November to December, when the deficit grew to $38.7 billion. Analysts describe the upswing as a correction to the unusually large drop in November's deficit.
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