US trade deficit surges by 12.2% in 2022

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

The goods and services deficit was $948.1 billion in 2022, up from $845.0 billion in 2021. Exports were $3 trillion, up $453.1 billion from 2021. Imports were $3.96 trillion, up $556.1 billion 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 and a decrease in the services surplus of 0.6 percent to $243.7 billion, the report noted.