The U.S. trade deficit in goods and services rose 12.2 percent in 2022 as both imports and exports saw significant increases. In addition, the monthly trade deficit was up 10.5 percent in December.
Annual statistics. For all of 2022 the U.S. trade deficit totaled an unprecedented $948.1 billion, up from $845.0 billion in 2021. Exports jumped 17.7 percent to $3.01 trillion and imports rose 16.3 percent to $3.96 trillion, both of which are also record highs.
The goods deficit was up 9.3 percent to $1.19 trillion, an all-time high. Exports rose 18.4 percent to $2.09 trillion, including increases of $47.5 billion for crude oil, $22.9 billion for natural gas, $7.2 billion for civilian aircraft engines, and $7.0 billion each for pharmaceutical preparations, soybeans, and automotive parts and accessories. Imports gained 14.9 percent to $3.28 trillion, including increases of $65.1 billion for crude oil, $26.1 billion for foods, feeds, and beverages, $19.7 billion for electric apparatus, and $19.0 billion for passenger cars.
The services surplus slipped 0.6 percent to $243.7 billion, the lowest in ten years. Exports gained 16.2 percent to $924.2 billion while imports rose 23.7 percent to $680.5 billion, both record high figures.
The goods and services deficit was 3.7 percent of gross domestic product in 2022, the same as in 2021.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$382.9 billion
|
+7.8
|
|
|
|
European Union
|
$203.9 billion
|
-7.1
|
|
|
|
Mexico
|
$130.6 billion
|
+20.7
|
|
|
|
Vietnam
|
$116.1 billion
|
n/a
|
|
|
|
Canada
|
$81.6 billion
|
+66.5
|
|
|
|
Germany
|
$73.7 billion
|
+5.1
|
|
|
|
Japan
|
$68.0 billion
|
+12.0
|
|
|
|
Ireland
|
$66.1 billion
|
+9.8
|
|
|
|
Taiwan
|
$48.1 billion
|
+19.7
|
|
|
|
South Korea
|
$43.9 billion
|
+50.3
|
|
|
|
Thailand
|
$43.1 billion
|
+24.2
|
|
|
|
Italy
|
$41.7 billion
|
+6.1
|
|
|
|
India
|
$38.3 billion
|
+15.7
|
|
|
|
Malaysia
|
$36.6 billion
|
-10.7
|
|
|
|
Indonesia
|
$24.6 billion
|
+39.8
|
|
|
|
Switzerland
|
$22.6 billion
|
-34.4
|
|
|
|
Austria
|
$13.1 billion
|
n/a
|
|
|
|
Russia
|
$12.7 billion
|
n/a
|
|
|
|
Saudi Arabia
|
$11.9 billion
|
n/a
|
|
|
|
France
|
$11.5 billion
|
-43.3
|
|
|
|
South/Central America
|
|
|
$76.2 billion
|
+42.2
|
|
Hong Kong
|
|
|
$21.1 billion
|
-18.2
|
|
Netherlands
|
|
|
$38.3 billion
|
+110.4
|
|
Brazil
|
|
|
$14.6 billion
|
-6.4
|
|
Singapore
|
|
|
$14.5 billion
|
n/a
|
|
Australia
|
|
|
$14.0 billion
|
0
|
|
United Kingdom
|
|
|
$13.3 billion
|
0
|
Monthly statistics. The monthly U.S. trade deficit in goods and services rose $6.4 billion in December 2022 to $67.4 billion.
Imports rose 1.3 percent from November to $317.6 billion. Imports of goods were up 1.8 percent to $258.8 billion, with increases of $3.5 billion for cell phones and other household goods and $1.6 billion for passenger cars along with decreases of $800 million each for fuel oil and organic chemicals. Imports of services slid 0.5 percent to $58.8 billion.
Exports dropped 2.1 percent in December to $251.9 billion. Exports of goods were down 1.7 percent to $168.1 billion, with decreases of $1.6 billion for non-monetary gold, $800 million for crude oil, and $600 million for other petroleum products along with an increase of $700 million for foods, feeds, and beverages. Services exports rose 0.9 percent to $82.0 billion.
With exports down and imports up, the monthly U.S. trade deficit increased from $61.0 billion in November to $67.4 billion in December. The deficit in goods trade gained 8.9 percent to $90.6 billion and the services trade surplus increased 4.5 percent to $23.2 billion.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$22.8 billion
|
+11.8
|
|
|
|
European Union
|
$18.6 billion
|
-4.6
|
|
|
|
Mexico
|
$12.0 billion
|
+10.1
|
|
|
|
Vietnam
|
$8.1 billion
|
-4.7
|
|
|
|
Germany
|
$8.0 billion
|
+11.1
|
|
|
|
Japan
|
$7.2 billion
|
+28.6
|
|
|
|
Ireland
|
$5.8 billion
|
+3.6
|
|
|
|
Canada
|
$4.5 billion
|
+28.6
|
|
|
|
Italy
|
$4.2 billion
|
+23.5
|
|
|
|
South Korea
|
$4.0 billion
|
+8.1
|
|
|
|
India
|
$3.3 billion
|
+43.5
|
|
|
|
Taiwan
|
$3.0 billion
|
-26.8
|
|
|
|
Switzerland
|
$2.6 billion
|
+100.0
|
|
|
|
Malaysia
|
$2.5 billion
|
-19.4
|
|
|
|
France
|
$1.2 billion
|
+20.0
|
|
|
|
Saudi Arabia
|
$0.7 billion
|
-22.2
|
|
|
|
Israel
|
$0.7 billion
|
0
|
|
|
|
South/Central America
|
|
|
$5.1 billion
|
-3.8
|
|
Netherlands
|
|
|
$4.4 billion
|
+83.3
|
|
United Kingdom
|
|
|
$1.9 billion
|
+58.3
|
|
Australia
|
|
|
$1.5 billion
|
+50.0
|
|
Hong Kong
|
|
|
$1.3 billion
|
-18.8
|
|
Belgium
|
|
|
$1.1 billion
|
+1000
|
|
Brazil
|
|
|
$0.9 billion
|
+80.0
|
|
Singapore
|
|
|
$0.2 billion
|
-80.0
|
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