Economic Buzz: US Trade Deficit Widens To $80.7 Billion In December

9 Feb 2022 , 08:49 AM

US Trade Deficit Widens To $80.7 Billion In December US trade deficit widened to $80.7 billion in December from a revised $79.3 billion in November, the Commerce Department reported on Tuesday. The trade deficit in December was just shy of the record $80.8 billion set in September. The wider deficit came as the value of imports surged 1.6 percent to $308.9 billion, while the value of exports jumped 1.5 percent to $228.1 billion. Notable increases in imports of consumer goods, automotive vehicles, parts and engines, and capital goods more than offset a significant decrease in imports of industrial supplies and materials. The Commerce Department also said the goods deficit widened to $101.4 billion in December, while the services surplus increased to $20.7 billion. For 2021, the goods and services deficit soared $182.4 billion or 27.0 percent from 2020. Exports spiked $394.1 billion or 18.5 percent, while imports skyrocketed $576.5 billion or 20.5 percent.

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