Market Updates
U.S. Trade Deficit Soared In 2022
Brian Turner
07 Feb, 2023
New York City
The U.S. trade deficit widened in December to $67.4 billion from the revised $61 billion in November, the Bureau of Economic Analysis reported Tuesday.
In December, the goods deficit with China rose to $22.8 billion, the European Union $18.6 billion, Mexico $12.0 billion, Vietnam $8.1 billion, Germany $8.0 billion and Japan $7.2 billion.
For the full-year 2022, the trade deficit widened to record $948.1 billion or 3.7% of current dollar GDP from $845 billion in 2021 or 3.6% of GDP.
The goods trade deficit widened 9.3% to $1,191.8 billion and the services surplus narrowed 0.6% to $243.7 billion.
In 2022, exports of goods rose 17.7% to $2,085.6 billion and imports rose 16.3% to $3,277.3 billion, both driven by crude oil.
Despite the rising tensions between the U.S. and China, trade between the two largest economies continue to flourish.
Most companies are either unwilling to or unable to cut ties with China but other manufacturing centers are emerging in Vietnam, India and Mexico.
The deficit with China expanded 8.3% to $382.9 billion and the shortfall with Mexico, Vietnam and India soared as more American companies look to diversify supply base.
Exports of goods and services increased 17.7% to $3 trillion, while imports advanced 16.3% to $4 trillion.
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