The Surging Oil Exports That Are Shrinking America's Trade Deficit With The Rest Of The World [CHARTS]

America's trade balance shrunk 20.7 percent in December.

The gap was much narrower than expected.

Why? The changing oil picture.

Crude exports, which set an all-time record at $6.5 million.

Here's the chart for December exports, going back to 1994, the most recent year for which data is available:

Meanwhile, imports continue to plummet.

Overall 2012 barrels imported declined to 3.1 billion, the lowest level since 1997:

The overall 2012 petroleum product deficit shrunk 15 percent to -$128,442,0000. The value of petroleum exports grew +7.8 percent, while import values declined -7.7 percent.