The nominal trade deficit narrowed in November for the second consecutive month. Exports continued to rise on a month-over-month basis, while imports fell in November. The decline in petroleum trade deficit accounted for most of November's narrowing in the total deficit. International trade subtracted from U.S. GDP growth in the first half of 2013 but is likely to add to that growth in the second half of the year.
- The nominal petroleum trade deficit shrank significantly in November to its lowest level since May 2004.
- In 2013 (through November), the United States imported an average of 234 million barrels of crude petroleum per month, almost 100 million barrels below the monthly average level in 2004, the year the volume of petroleum imports peaked.
- During the past five years, petroleum import volume has been steadily shrinking, while export volume has more than doubled.
