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.