A
plunge in oil imports pushed the trade deficit in November to the lowest level
in four years, showing the U.S. economy is becoming more energy independent.
The
gap narrowed 12.9 percent to $34.3 billion, smaller than projected by any
economist surveyed by Bloomberg and the least since October 2009, figures from
the Commerce Department showed today in Washington. Petroleum imports were the
weakest in three years as advances in domestic extraction put the U.S. on track
to become the world’s largest oil producer by 2015.
The
fuel-driven drop in purchases from abroad overshadowed record demand for
foreign autos, parts and capital goods that indicate spending by American
consumers and businesses is strengthening. Exports also were the strongest ever
as improving economies in Europe and Asia benefit companies like Boeing Co.
(BA), contributing to a pickup in manufacturing.
(Source: Bloomberg)
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