US trade deficit rises 10% in December, hits record in 2022

15:27 Sun, 02 April

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09.Feb .2023 17:28

US trade deficit rises 10% in December, hits record in 2022

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The US trade deficit increased more than 10% in December, widening to a record in 2022, according to data released by the Commerce Department’s Census Bureau.

The goods and services deficit rose 10.5% to $67.4 billion, up $6.4 billion from $61 billion in November, the agency said in a statement.

The figure was expected to come in at $68.5 billion.

Exports were $250.2 billion, $2.2 billion less than November exports, while imports were $317.6 billion -- $4.2 billion more than November imports.

"The December increase in the goods and services deficit reflected an increase in the goods deficit of $7.4 billion to $90.6 billion and an increase in the services surplus of $1.0 billion to $23.2 billion," it said.

For 2022, the goods and services trade deficit increased $103 billion, or 12.2%, from the previous year, reaching a record high of $948.1 billion.

Exports increased $453.1 billion, or 17.7%, year-on-year, while imports rose $556.1 billion, or 16.3%, according to the Commerce Department.