当前位置：新闻动态
US trade gap widens in Dec; deficit highest on record in 2022
来源：shippingazette 编辑：编辑部 发布：2023/02/13 14:13:17
THE US trade deficit widened in December, reversing half of the prior month's sharp contraction, as imports rebounded and exports of goods dropped to a 10-month low amid cooling global demand and declining crude oil prices.
The report from the Commerce Department also showed the trade gap widening to a record high in 2022. With the deficit expected to increase again in January, economists anticipated that trade would probably not provide support to the economy this quarter after contributing to gross domestic product growth for three straight quarters, reports Reuters.
"The trade winds have shifted and are no longer blowing as strongly in the direction of positive economic growth," said Christopher Rupkey, chief economist at FWDBONDS in New York. "The economy isn't floundering, but it is unlikely to pick up much speed looking at today's trade deficit data."
The trade deficit increased 10.5 per cent to US$67.4 billion. The trade gap contracted 21.1 per cent in November to $61.0 billion. The numbers are not adjusted for inflation. When adjusted for inflation, the so-called real goods trade gap widened to $98.6 billion from $96.1 billion in November.
The trade numbers were close to the assumptions made by the Commerce Department's Bureau of Economic Analysis in its advance fourth-quarter GDP estimate published last month. A smaller trade deficit was one of the contributors to the economy's 2.9 per cent annualized growth pace last quarter.
The trade deficit widened to a record $948.1 billion in 2022 from $845.0 billion in 2021. It represented 3.7 per cent of GDP, up from 3.6 per cent in 2021. Exports increased $453.1 billion to $3 trillion. Imports shot up $556.1 billion to $4 trillion.
The goods trade deficit with Canada swelled $31.6 billion to $81.6 billion in 2022. The goods trade gap with China widened $29.4 billion to $382.9 billion.
Imports increased 1.3 per cent to $317.6 billion in December, with goods rising 1.8 per cent to $258.8 billion. They were boosted by imports of consumer goods, which jumped $4.1 billion, reflecting increases in cell phones as supply from China improved following the reopening of the country after shutdowns to contain Covid-19 outbreaks.
Oil prices averaged $75.24 per barrel in December, the cheapest since January, from $79.86 in November.
Imports of services fell $0.3 billion to $58.8 billion, pulled down by travel and transportation. But charges for the use of intellectual property increased $0.2 billion.
Exports fell 0.9 per cent to $250.2 billion. Goods shipments dropped 1.7 per cent to $168.1 billion, the lowest since in February, mostly reflecting the decline in crude oil prices.
Exports of industrial supplies and materials dropped $3.1 billion, with shipments of crude oil falling $0.8 billion. There were also decreases in exports of other petroleum products.
Economists said the decline in both imports and exports of industrial supplies and materials confirmed the recent weakness in manufacturing, highlighted by declines in production and business sentiment.
Higher interest rates as the Federal Reserve fights inflation, and a shift in spending back to services from goods are also undercutting manufacturing.
The report from the Commerce Department also showed the trade gap widening to a record high in 2022. With the deficit expected to increase again in January, economists anticipated that trade would probably not provide support to the economy this quarter after contributing to gross domestic product growth for three straight quarters, reports Reuters.
"The trade winds have shifted and are no longer blowing as strongly in the direction of positive economic growth," said Christopher Rupkey, chief economist at FWDBONDS in New York. "The economy isn't floundering, but it is unlikely to pick up much speed looking at today's trade deficit data."
The trade deficit increased 10.5 per cent to US$67.4 billion. The trade gap contracted 21.1 per cent in November to $61.0 billion. The numbers are not adjusted for inflation. When adjusted for inflation, the so-called real goods trade gap widened to $98.6 billion from $96.1 billion in November.
The trade numbers were close to the assumptions made by the Commerce Department's Bureau of Economic Analysis in its advance fourth-quarter GDP estimate published last month. A smaller trade deficit was one of the contributors to the economy's 2.9 per cent annualized growth pace last quarter.
The trade deficit widened to a record $948.1 billion in 2022 from $845.0 billion in 2021. It represented 3.7 per cent of GDP, up from 3.6 per cent in 2021. Exports increased $453.1 billion to $3 trillion. Imports shot up $556.1 billion to $4 trillion.
The goods trade deficit with Canada swelled $31.6 billion to $81.6 billion in 2022. The goods trade gap with China widened $29.4 billion to $382.9 billion.
Imports increased 1.3 per cent to $317.6 billion in December, with goods rising 1.8 per cent to $258.8 billion. They were boosted by imports of consumer goods, which jumped $4.1 billion, reflecting increases in cell phones as supply from China improved following the reopening of the country after shutdowns to contain Covid-19 outbreaks.
Oil prices averaged $75.24 per barrel in December, the cheapest since January, from $79.86 in November.
Imports of services fell $0.3 billion to $58.8 billion, pulled down by travel and transportation. But charges for the use of intellectual property increased $0.2 billion.
Exports fell 0.9 per cent to $250.2 billion. Goods shipments dropped 1.7 per cent to $168.1 billion, the lowest since in February, mostly reflecting the decline in crude oil prices.
Exports of industrial supplies and materials dropped $3.1 billion, with shipments of crude oil falling $0.8 billion. There were also decreases in exports of other petroleum products.
Economists said the decline in both imports and exports of industrial supplies and materials confirmed the recent weakness in manufacturing, highlighted by declines in production and business sentiment.
Higher interest rates as the Federal Reserve fights inflation, and a shift in spending back to services from goods are also undercutting manufacturing.