The U.S. trade deficit in 2022 was a record $948.1 billion

The trade deficit of the United States in 2022 reached a record high of $948.1 billion, an increase of 12.2% compared to the previous year. Published data from the U.S. Department of Commerce shows this.

“In 2022, the goods and services deficit was $948.1 billion, up $103 billion from $845 billion in 2021,” the Commerce Department’s Bureau of Economic Analysis said in a report.

In December, the deficit increased 10.5% to $67.4 billion. U.S. exports in 2022 were more than $3 trillion, up $453.1 billion from 2021; imports were up $556.1 billion from 2021 to nearly $3.96 trillion.

According to Dow Jones, the U.S. trade deficit has reached an all-time high for the third consecutive year. While the figure was $948.1 billion in 2022, six years ago it was half that. The agency notes that the U.S. has had a large trade deficit for many years, and it usually does not have a significant impact on economic performance.

The increase in the trade deficit figure in 2022 was largely due to Americans buying appliances, medical supplies, cell phones, and cars and car parts overseas, according to Commerce Department data.

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