The US trade deficit in goods and services fell by 3.5% in December from a month earlier, reflecting a drop in the goods deficit of US$2.8bn and a decrease in the services surplus of $0.4bn.
The deficit amounted to US$66.6bn in December, down $2.4bn from $69bn in November. Exports were $190bn – $2.6bn more than November exports – while imports were $3.8bn more at $256.6bn, according to trade statistics released by the Department of Commerce.
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“Both imports and exports saw large declines amid then-President Trump’s trade war and the economic impact of the Covid-19 pandemic,” said international trade law firm Sandler, Travis & Rosenberg (ST&R).
Year-to-date, the goods and services deficit increased $101.9bn, or 17.7%, from the same period in 2019. Exports fell $396.4bn or 15.7%, while imports were down $294.5bn, or 9.5%.
The largest deficit was recorded with China at $28.1bn, followed by the European Union at $19.2bn, and Mexico at $10.3bn. Deficits were also recorded with Japan ($5.5bn), Germany ($5.8bn), Italy ($3.2bn), Taiwan ($3.2bn), India ($2.8bn), Korea ($2.7bn), France ($1.6bn), Canada ($1.1bn), and Singapore ($0.9bn).
Surpluses for the month of December, meanwhile, were recorded with South and Central America ($3.9bn), Hong Kong ($2.1bn), OPEC ($1.9bn), Brazil ($0.8bn), Saudi Arabia ($0.6bn), and United Kingdom ($0.2bn).
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By GlobalData
