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Tuesday, February 7, 2023 Services: (301) 278-9003 Goods: (301) 763-2311 December 2022 Trade Gap is $67.4 Billion U.S. international trade in goods and services The U.S. monthly international trade deficit increased in December 2022 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $61.0 billion in November (revised) to $67.4 billion in December, as imports increased and exports decreased. The goods deficit increased $7.4 billion in December to $90.6 billion. The services surplus increased $1.0 billion in December to $23.2 billion. Monthly Goods and Services Trade Deficit January 2013–December 2022 Billion $ 120 110 100 90 80 70 60 50 40 30 20 10 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 U.S. Bureau of Economic Analysis U.S. Census Bureau Seasonally adjusted Exports Exports of goods and services decreased $2.2 billion, or 0.9 percent, in December to $250.2 billion. Exports of goods decreased $2.9 billion and exports of services increased $0.7 billion. • The decrease in exports of goods reflected decreases in industrial supplies and materials ($3.1 billion) and in consumer goods ($1.0 billion). An increase in foods, feeds, and beverages ($0.7 billion) partly offset the decreases. • The increase in exports of services reflected increases in travel ($0.4 billion), in transport ($0.1 billion), and in other business services ($0.1 billion). Imports Imports of goods and services increased $4.2 billion, or 1.3 percent, in December to $317.6 billion. Imports of goods increased $4.5 billion and imports of services decreased $0.3 billion. • The increase in imports of goods reflected increases in consumer goods ($4.1 billion) and in automotive vehicles, parts, and engines ($2.9 billion). A decrease in industrial supplies and materials ($2.7 billion) partly offset the increases. • The decrease in imports of services reflected decreases in travel ($0.5 billion) and in transport ($0.1 billion). An increase in charges for the use of intellectual property ($0.2 billion) partly offset the decreases. For more detailed information on trade by type of good or service and with major trading partners, see U.S. International Trade in Goods and Services, December and Annual 2022. BEA statistics—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic statistics for states, local areas, and industries—are available at www.bea.gov. E-mail alerts are also available. NOTE: This and more information is provided in the February 7 news release, U.S. International Trade in Goods and Services, December and Annual 2022, issued by the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The next release is March 8, 2023.
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