U.S. Department of Energy - Energy Efficiency and Renewable Energy

Vehicle Technologies Office

Fact #593: October 19, 2009
Petroleum Accounts for Nearly Half of the Total Trade Deficit

As recently as 2002, the petroleum trade balance accounted for less than 20% of the total U.S. goods trade deficit. In 2008, however, petroleum accounted for 45% of the trade deficit. However, as petroleum's share of the deficit grew, the deficit for vehicles, engines and parts went from 25% in 2002 to 13% in 2008.

U.S. Goods Trade Deficit, 2002-2008
Graph showing the U.S. goods trade deficit for the years 2002 through 2008. In 2008 petroleum accounted fo 45% of the trade deficit. For more detailed information, see the table below.

Supporting Information

U.S. Goods Trade Deficit, 2001-2008
Year (Billions of Dollars) Petroleum
Share of Total		 Vehicles,
Engines & Parts
Share of Total
Petroleum Vehicles, Engines, & Parts Other Goods Total
2002 94 125 275 494 19% 25%
2003 122 130 311 563 22% 23%
2004 166 139 380 685 24% 20%
2005 231 141 430 802 29% 18%
2006 272 149 439 861 32% 17%
2007 295 138 415 848 35% 16%
2008 388 112 359 860 45% 13%

Source: U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Product Accounts, Table 4.2.5, August 2009.

 

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