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February 10, 2022

US trade deficit in goods rises 1.8% in December

The US trade deficit in goods and services increased by 1.8% in December, reflecting increases in both the goods deficit and services surplus of US$3.2bn and $1.8bn respectively.

By Beth Wright

The goods and services deficit amounted to $80.7bn in December, up $1.4bn from $79.3bn in November, revised, according to trade statistics released by the US Census Bureau and the US Bureau of Economic Analysis.

December exports were $228.1bn, $3.4bn more than November exports, while imports during December were $308.9bn, $4.8bn more than those in November imports.

The December increase in the goods and services deficit reflected an increase in the goods deficit of $3.2bn to $101.4bn and an increase in the services surplus of $1.8bn to $20.7bn.

For 2021, the goods and services deficit soared $182.4bn, or 27% from 2020. Exports grew by $394.1bn or 18.5%, while imports increased $576.5bn or by 20.5%. Both were higher for the first time in three years, according to international trade law firm Sandler, Travis & Rosenberg (ST&R).

The December figures show the largest deficit was recorded with China at $34.1bn, followed by the European Union at $16.3bn, and Mexico at $11bn.

Deficits were also recorded with Germany ($5.3bn), Japan ($5bn), Canada ($4.2bn), India ($3.9bn), Taiwan ($3.8bn), South Korea ($3.7bn), Italy ($3.1bn), France ($0.8bn), and Saudi Arabia ($0.7bn).

Prior to the revision, the US international trade deficit in goods and services was reported as $80.2bn in November.

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