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US Trade Deficit Hit Nearly $1 Trillion in 2022, Largest on Record

The ann🔯ual goods and service𝓡s trade deficit rose 12.2% to $948.1 billion

Published February 07, 2023

Container ship at port — Justin Sullivan / Staff / Getty Images

The U.S. trade deficit hit a record of almost $1 trillion in 2022, with more than a third of th𒀰e total coming from trade with China.

The annual goods and services trade deficit rose 12.2% to $948.1 billion, the Commerce Department reported Tuesday. The goods deficit jumped 9.3% to $1.19 trillion, while the services surplus declined 0.6% to $243.7 billion.

The deficit with China was the largest, climbing $29.4 billion to $382.9 billion. It was followed by the 澳洲幸运5官方开奖结果体彩网:European Union (EU) at $203.9 billion, Mexico at $130.6 billion, and Vietnam at $116.1 billion. The U.S. recorded a trade surplus with S🌱outh and Central America, totaling $76.2 billion, and the Netherlands at $38.3 billion.

U.S. Annual Trade Deficit (2000-2022) — U.S. Department of Commerce

Oil Imports and Exports Rise

Imports of goods were up 14.9% to $3.28 trillion. They increased the most for industrial supplies and materials, led by crude oil. Import gains were also report✅ed for capital goods, consumer goods, automotive vehicles, parts, and engines, and food, feed, and beverages. Services imports added 23.7% to $680.5 billion, with travel and transport higher.

Exports reached $2.09 trillion, a rise of 1🌟🦩8.4%, driven up by fossil fuel shipments.

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