Trade Deficit Ends 2021 At Record Level

The U.S. trade deficit ended the year at a record high, according to the latest data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau…(BEA)

• The trade deficit increased by $1.4 billion to $80.7 billion in December, the highest level on record.

Exports of goods and services increased $3.4 billion in December to $228.1 billion.

• GOOD exports increased by $2.0 billion in December.

• SERVICE exports were up $1.4 billion in December.

Imports of goods and services increased $4.8 billion in December to $308.9 billion.

• GOOD imports increased by $5.2 billion in December.

• SERVICE imports actually fell $0.4 billion in December.

Andrew Hunter, senior U.S. economist for Capital Economics, had some good news about the congestion at the ports…

• “Trade in both directions appears to have benefited from easing congestion at U.S. ports towards the end of last year,”