US Trade Deficit Surges by 12.2 Pct in 2022

Trade deficit of the United States widened by 12.2 percent in 2022 amid stronger exports and imports, according to data released by the U.S. Bureau of Economic Analysis and the U.S. Census Bureau Tuesday.

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The goods and services deficit was 948.1 billion U.S. dollars in 2022, up from 845 billion dollars in 2021. Exports were 3 trillion dollars, up 453.1 billion dollars from 2021. Imports were 3.96 trillion dollars, up 556.1 billion dollars from 2021.

The goods and services deficit was 3.7 percent of current-dollar gross domestic product in 2022, up from 3.6 percent in 2021, the report showed.

The 2022 increase in the goods and services deficit reflected an increase in the goods deficit of 9.3 percent to 1,191.8 billion dollars and a decrease in the services surplus of 0.6 percent to 243.7 billion dollars, the report noted.