The U.S. trade deficit increased to its highest recorded level in 2022, thanks in part to a surging trade deficit with China.
The U.S. registered a roughly $948.1 billion goods and services deficit for the year, including a $382.9 billion goods deficit to China, the U.S. Bureau of Economic Analysis (BEA) revealed Tuesday. This 12.2% surge over 2021 marks an all-time U.S. trade deficit record, The Wall Street Journal reported.
The yearly goods deficit with China increased by around $29.4 billion in 2022 and far outpaced that with any other country: the U.S. reached yearly deficits of about $203.9 billion and $130.6 billion with the European Union and Mexico respectively, recording a $76.2 billion surplus with South and Central America, based on BEA data.
U.S. exports fell by approximately $2.2 billion in December compared to November, coinciding with a $4.2 billion imports surge, the statistics indicate. However, the December goods deficit to China was $3.0 billion higher than during the previous month.
China experienced one of its worst economic growth years in decades and its first-ever population decline since 1961 in 2022, Reuters reported. General Administration of Customs statistics indicated the country’s overall exports sank 9.9% in December, according to CNN.
The U.S. trade deficit rose as the Federal Reserve hiked its target federal-funds interest rate several times in 2022. That trend has continued into 2023, with a 0.25% interest rate increase Wednesday.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.
Former President Trump knocked Biden out of the race without trying all that hard or…
A potentially important legal development was largely overlooked amid the historic events of the past…
Former Republican presidential candidate Vivek Ramaswamy warned Friday evening that the GOP could get “distracted…
A left-wing media outlet accused Heritage Foundation President Kevin Roberts on Friday of having ties…
CNN host Anderson Cooper and guest Bryan Lanza clashed Friday evening over Republican Ohio Sen.…
The FBI clarified Friday that a bullet struck former President Donald Trump during an attempt…