Washington, February 14 (Reuters) – The U.S. Department of Commerce reported on Thursday that the country's trade deficit in 2007 fell to $711.6 billion, marking a 6.2% decline from the previous year. This was the first time in five years that the deficit had dropped, signaling a shift in the nation’s trade dynamics.
According to the data, U.S. exports of goods and services reached an all-time high of $1.62 trillion in 2007, rising by 12.7% compared to the prior year. Key sectors such as agricultural products, capital goods, automobiles, and their components all saw record-breaking export figures, reflecting strong global demand and improved competitiveness.
Meanwhile, U.S. imports surged to a new peak of $2.33 trillion, up 5.9% from the previous year. The rise in imports was largely driven by a 9.5% increase in oil imports, which hit a record $331.23 billion. With oil prices remaining elevated early this year, analysts predict that U.S. oil imports will continue to climb in the coming months.
The trade deficit accounted for 5.1% of the U.S. GDP in 2007, down from 5.7% in 2006. In December alone, the trade gap narrowed to $58.8 billion, a 6.9% decrease from November. These figures suggest that the U.S. is making progress in balancing its trade with the rest of the world.
Economists noted that the decline in the trade deficit occurred earlier than expected. They attributed this to robust economic growth in other parts of the globe, which boosted demand for American goods, as well as the continued weakening of the U.S. dollar against major currencies, which made U.S. exports more attractive to international buyers.
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