Do these import/export numbers include fuel (oil, gasoline, diesel, Nat Gas, etc)?
If so, what is our trade balance without the fuel number included?
I've likewise wondered that before but never had the time to research it. Following are the numbers from the Bureau of Economic Analysis:
TRADE DEFICIT IN GOODS VS. PETROLEUM PRODUCT IMPORTS (billions of dollars) Imports of Deficit Imports Exports Deficit petroleum % of w/o petro Year of goods of goods of goods products deficit products ---- --------- --------- --------- --------- --------- --------- 1978 176.0 1420.8 33.9 42.6 125.4 -8.6 1979 212.0 1844.4 27.6 60.4 219.2 -32.9 1980 249.8 2242.5 25.5 79.5 311.8 -54.0 1981 265.1 2370.4 28.0 78.4 279.7 -50.4 1982 247.6 2111.6 36.5 62.0 169.8 -25.5 1983 268.9 2018.0 67.1 55.1 82.1 12.0 1984 332.4 2199.3 112.5 58.1 51.6 54.4 1985 338.1 2159.2 122.2 51.4 42.1 70.8 1986 368.4 2233.4 145.1 34.3 23.6 110.8 1987 409.8 2502.1 159.6 42.9 26.9 116.6 1988 447.2 3202.3 127.0 39.6 31.2 87.3 1989 477.7 3599.2 117.7 50.9 43.2 66.8 1990 498.4 3874.0 111.0 62.3 56.1 48.7 1991 491.0 4140.8 76.9 51.7 67.2 25.2 1992 536.5 4396.3 96.9 51.6 53.2 45.3 1993 589.4 4569.4 132.5 51.5 38.9 81.0 1994 668.7 5028.6 165.8 51.3 30.9 114.6 1995 749.4 5752.0 174.2 56.0 32.2 118.1 1996 803.1 6121.1 191.0 72.7 38.1 118.3 1997 876.8 6783.7 198.4 71.8 36.2 126.7 1998 918.6 6704.2 248.2 50.9 20.5 197.3 1999 1031.8 6839.7 347.8 67.8 19.5 280.0 2000 1226.7 7719.9 454.7 120.3 26.5 334.4 2001 1148.2 7187.1 429.5 103.6 24.1 325.9 2002 1167.4 6824.2 485.0 103.5 21.3 381.5 2003 1264.3 7134.2 550.9 133.1 24.2 417.8 2004 1477.1 8075.2 669.6 180.5 27.0 489.1 2005 1681.8 8946.3 787.1 251.9 32.0 535.3 2006 1861.4 10231.1 838.3 302.4 36.1 535.8 Source: Bureau of Economic Analysis, U.S. International Transactions Accounts Data, Table 2a and Table 2b
As you can see, the total value of petroleum product imports was just about 36 percent of the trade deficit (in goods) in 2006. Put another way, if we had been given all of our petroleum product imports for free, we would have still run a $536 billion dollar trade deficit. Hence, we cannot blame the trade deficit on the high price of oil. Of course, our dependence on imported oil may have costs beyond the direct cost to the trade deficit. Some suggest that the war in Iraq is one of those costs. But the trade deficit cannot be directly blamed on our dependence on imported oil, much less its current high cost.
Thank you very much for that chart.
Excellent post. But I think your imports of goods column is wrong. Thanks.
Oops, exports of goods. Decimal in the wrong place.