I found an error in one of my charts today and this is the corrected version. I have also switched from annual data to seasonally adjusted quarterly data. The last point on the chart (the furthest to the right) is the monthly data from the latest press release as an estimate of the 3rd quarter of this year (which I don't believe is seasonally adjusted but is probably close enough for government work).
So here's the error. I had inadvertently used the "Exports of goods and services and income receipts" and "Imports of goods and services and income payments" rows instead of the more appropriate "Exports of goods and services" and "Imports of goods and services" rows.
Sorry about that!
Needless to say, it also changes some of my conclusions. The trade deficit does appear to be getting a bit better. However, the long-term trend is still not something I'd be betting against long-term (although since the dollar has fallen so much, who really knows?).
See Also:
Trade Deficit
Source Data:
BEA: International Economic Data
BEA: News Release: U.S. International Trade in Goods and Services
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