A chart-tastic update on US trade

Fresh data on US trade are out, showing ongoing improvement in the US balance of goods and services.

The US trade gap shrank to its smallest level since late 2009, to $34.3 billion.

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That’s thanks to the declining imports of petroleum, now that the US is producing more of its own.

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Meanwhile, rising US energy production has helped drive overall US exports to a record high of $194.5 billion. US petroleum exports rose 5.6%.

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Correction: A previous version of this post said the US trade deficit shrank to its smallest level in three years. In fact, it was the smallest since October 2009.

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