U.S. Trade Deficit Contracts Despite Record Price of Oil

The U.S. trade deficit narrowed sharply in December despite a record foreign oil price, shrinking to a gap smaller than expected as overseas sales rose and imports receded.

The U.S. deficit in international trade of goods and services decreased by 6.9% to $58.76 billion from November's unrevised $63.12 billion, the Commerce Department said Thursday.

The December deficit was smaller than expected by Wall Street. Economists surveyed by Dow Jones Newswires estimated a $61.70 billion shortfall.

For all of 2007, the U.S. ran a trade deficit of $711.6 billion, $46.9 billion less than the 2006 deficit of $758.5 billion.

Read Full Article from Wall Street Journal

- Posted: 2008-02-14 09:44:07

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