Washington, February 14 (Reuters) – The U.S. Department of Commerce reported on Wednesday that the country’s trade deficit in 2007 stood at $711.6 billion, marking a 6.2% decline from the previous year. This was the first time in five years that the deficit had fallen to such a level, signaling a shift in the nation’s trade dynamics.
According to the latest figures, U.S. exports of goods and services reached a record high of $1.62 trillion in 2007, rising by 12.7% compared to the prior year. Key sectors such as agricultural products, capital goods, and automotive components all saw historic levels of export activity, reflecting strong global demand for American-made goods.
Meanwhile, U.S. imports surged to an all-time high of $2.33 trillion in 2007, up 5.9% from the previous year. A significant portion of this increase was driven by a 9.5% rise in oil imports, which hit a record $331.23 billion. With oil prices remaining elevated early this year, analysts expect U.S. oil imports to continue climbing in the coming months.
The trade deficit in 2007 accounted for 5.1% of the U.S. GDP, down from 5.7% in 2006. In December alone, the trade gap narrowed to $58.8 billion, a 6.9% decrease from the previous month. This improvement came earlier than many economists had anticipated.
Analysts attribute the drop in the trade deficit to strong economic growth in other parts of the world, which boosted demand for U.S. exports, as well as the continued depreciation of the U.S. dollar against major currencies, making American goods more competitive globally. These factors combined to support a healthier trade balance despite rising import costs.
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