That's why we have a trade deficit — the gap between the dollar value of U.S. exports to other countries and the value of everything imported to the U.S.

The U.S. has had a trade deficit for most of the last 30 years, as the country started buying more goods manufactured abroad. (There was a brief surplus in 1992.)

The sharp rise in oil prices since 2004 widened the deficit, since that meant we were sending more dollars overseas for each barrel of oil. The related decline in the dollar for much of that stretch exacerbated the deficit further by making imports more expensive for Americans — though it simultaneously kept the deficit from getting too big, since a weak dollar means American exports are cheaper for the rest of the world.

The recent decline in oil prices will help ease the trade deficit, but won't erase it.

<<< Click on the questions at left for answers about the trade deficit: Credits:  CBS/AP