8 February 2013 Last updated at 09:58 ET
The US’s trade gap with the rest of the world fell to its lowest level in nearly three years in December.
Figures show the trade deficit shrank to $ 38.5bn.
Record petroleum exports helped to push total exports to $ 186.4bn, up $ 3.9bn from November. Imports fell $ 6.2bn to $ 224.9bn as less overseas crude oil was bought.
The data suggests that the US economy was stronger in the fourth quarter than initially estimated.
The 0.1% annualised contraction in gross domestic product (GDP) in the quarter was calculated before these figures were available and were based on projections of a widening trade gap.
Chris Williamson, chief economist at financial information firm Markit, says the latest release shows that “the economy did not fare as badly as the initial GDP estimate suggested in the fourth quarter”.
“The data also add to an increasingly bright picture of the global economy at the turn of the year,” he added.
For the whole of 2012, the crude oil imports fell to the lowest level since 1997.
However, during 2012 the country’s trade gap with China increased – a fact which rankles with American manufacturers who believe the Chinese benefit from an unfairly weak currency.
“Congress and the administration must take on currency manipulation” said Scott Paul, president of the Alliance for American Manufacturing.
BBC News – Business
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