This Trade Deficit update includes data from Jan-Nov 2024. The US trade deficit went out of control in 2021 and 2023. We need to produce everything we consume.
Year $ Trillions
2024 -1.0745131 Jan-Nov
2023 -1.0621110
2022 -1.1734188
2021 -1.0707718
Year $ Billions
2020 -901.4818
2019 -845.7592
2018 -870.3584
2017 -792.3959
2016 -735.3260
https://www.census.gov/foreign-trade/balance/c0004.html
Comments
The US is likely to lower its Trade Deficit in 2025. Wind Turbines and Solar Panel imports from China will diminish and US manufacturing will increase. Sales of Oil and Liquid Natural Gas will add to US exports if we increase our oil production from 13.2 million barrels per day to 16.2 million barrels per day.
In 2024, the U.S. is expected to consume 20.3 million barrels of oil per day (bpd). This is a slight decrease from the previous forecast of 20.6 million.
The US increase in oil production increases the global supply and decreases the global price of oil and natural gas for all countries. Sanctions on Iran will reduce their ability to fund terror groups.
Norb Leahy, Dunwoody GA Tea Party Leader
No comments:
Post a Comment