The Commerce Department recently reported that the United States trade deficit significantly decreased, down $3.9 billion from $46.9 billion in October to $43.1 billion in November – a major step in the right direction for our nation. The growth of U.S. energy production has increased self-sufficiency from importing foreign oil and producing enough for profitable exports.
The decreased deficit is largely a result of the increasing gap between what America imports and exports. The report demonstrated how the gap fell more than 8 percent to $43.1 billion, marking the biggest decline in a year. November exports totaled $208.6 billion, a $1.4 billion increase from exports in October. Further, November imports were down to $251.7 billion, a $2.5 billion decrease from October. Tariff changes with China under the Trump administration largely played a role in these shifts.
September 2019 marked the first month since 1973, when monthly records began, that the United States exported more petroleum than it imported. This trend has continued since September. Notably, petroleum imports were worth $27.2 billion in November, when adjusted for inflation. This statistic is even more impressive when considering that this is the lowest level recorded since the Commerce Department began tracking it back in 1992.
The decrease of reliance on imported oil will continue to
lower the trade deficit and strengthen U.S. energy independence. As options for
foreign oil are beginning to look unstable, this is a smart move for the future
of our country as we continue to strengthen domestic industries and increase