US Trade Deficit At Record High Of Almost $950Bln In 2022 - Commerce Dept.

US Trade Deficit at Record High of Almost $950Bln in 2022 - Commerce Dept.

The US trade deficit hit a record high of almost $950 billion in 2022 as imports surged and exports slipped, data from the Commerce Department showed Tuesday

WASHINGTON (Pakistan Point News / Sputnik - 07th February, 2023) The US trade deficit hit a record high of almost $950 billion in 2022 as imports surged and exports slipped, data from the Commerce Department showed Tuesday.

Imports from America's trading partners, led by consumer goods and automobiles, hit $3.96 trillion, up $556.1 billion from 2021.

Exports, made up largely by industrial supplies and materials, stood at $3.01 trillion, up $453.1 billion from the previous year.

The difference led to a trade deficit of $948.1 billion, with the gap growing by $103 billion from the 2021 figure of $845 billion.

Despite the yawning deficit, analysts said trade has been a positive factor in GDP growth in 2022, as US exports improved over imports in the latter half of the year.

Real GDP, or gross domestic product, grew by a markedly slower 2.1% in 2022 after a 5.9% expansion in 2021.